Facebook-f Twitter
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[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

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[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

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[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

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[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

Page 6 of 7 1 … 5 6 7
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Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

Page 6 of 7 1 … 5 6 7
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Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

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[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

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[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

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[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

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[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

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[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

Page 6 of 7 1 … 5 6 7
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Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

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[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

Page 6 of 7 1 … 5 6 7
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La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

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Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

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3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

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Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

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Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

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Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

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3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

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Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

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Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

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Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

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Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

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Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

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Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

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3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

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Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

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Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

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[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

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Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

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3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

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Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

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Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

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[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

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Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

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Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

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Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

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Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

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3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

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Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

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Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

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Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

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Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

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Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

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Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

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3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

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Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

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Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

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Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

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3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

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Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

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Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

Page 6 of 7 1 … 5 6 7
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[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

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[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

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Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

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Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

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Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

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[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

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Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

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3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

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Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

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Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

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Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

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3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

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Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

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Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

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Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

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3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

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Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

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Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

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[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

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[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

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[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

Page 6 of 7 1 … 5 6 7
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\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

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Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

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3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

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Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

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Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

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Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

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3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

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Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

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Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

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Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

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3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

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Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

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Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

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Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

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3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

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Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

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Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

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Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

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3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

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Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

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Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

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Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

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3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

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Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

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Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

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Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

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3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

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Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

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Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

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Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

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3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

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Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

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Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

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Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

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3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

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Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

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Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

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Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

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3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

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Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

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Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

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Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

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3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

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Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

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Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

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Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

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3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

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Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

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Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

Page 6 of 7 1 … 5 6 7
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[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

Page 6 of 7 1 … 5 6 7
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Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

Page 6 of 7 1 … 5 6 7
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Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

Page 6 of 7 1 … 5 6 7
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La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

Page 6 of 7 1 … 5 6 7
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\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

Page 6 of 7 1 … 5 6 7
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La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

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Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

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3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

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Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

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Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

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Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

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3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

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Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

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Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

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Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

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3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

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Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

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Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

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Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

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3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

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Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

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Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

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Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

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Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

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Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

Page 6 of 7 1 … 5 6 7
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Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

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Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

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3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

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Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

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Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

Page 6 of 7 1 … 5 6 7
\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

Page 6 of 7 1 … 5 6 7
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Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

Page 6 of 7 1 … 5 6 7
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Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

Page 6 of 7 1 … 5 6 7
\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

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Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

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Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

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Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

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Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

Page 6 of 7 1 … 5 6 7
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L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

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Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

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3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

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Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

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Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

Page 6 of 7 1 … 5 6 7
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Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

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Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Un agent \u00e9tranger qatari a vers\u00e9 environ 30 000 dollars aux comit\u00e9s de campagne du s\u00e9nateur Lindsey Graham (R-SC) entre 2020 et 2025. Pendant cette p\u00e9riode, le bureau de Graham a accord\u00e9 un acc\u00e8s important au cabinet de lobbying de cet agent afin de soutenir les int\u00e9r\u00eats du Qatar. Cela comprenait plus de 131 \u00e9changes entre le bureau du s\u00e9nateur et l\u2019agent qatari, ainsi que des r\u00e9unions en personne et des appels t\u00e9l\u00e9phoniques avec Graham lui-m\u00eame.<\/p>\n\n\n\n

Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Les \u00c9tats-Unis se trouvent \u00e0 un carrefour d\u00e9cisif : entre la mont\u00e9e des tensions, les choix incertains de Trump, et la pression des faucons, les d\u00e9cisions prises dans les semaines \u00e0 venir pourraient d\u00e9terminer l\u2019avenir du conflit Isra\u00ebl-Iran, la position g\u00e9opolitique des \u00c9tats-Unis, et les chances de paix ou de guerre dans l\u2019une des r\u00e9gions les plus explosives au monde.<\/p>\n","post_title":"Isra\u00ebl contr\u00f4le-t-il l\u2019Am\u00e9rique ? Analyse de l\u2019aveu controvers\u00e9 de Ted Cruz sur l\u2019implication des \u00c9tats-Unis dans les frappes contre l\u2019Iran","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"israel-controle-t-il-lamerique-analyse-de-laveu-controverse-de-ted-cruz-sur-limplication-des-etats-unis-dans-les-frappes-contre-liran","to_ping":"","pinged":"","post_modified":"2025-06-28 10:50:31","post_modified_gmt":"2025-06-28 10:50:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=8094","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7845,"post_author":"7","post_date":"2025-05-25 14:57:07","post_date_gmt":"2025-05-25 14:57:07","post_content":"\n

Un agent \u00e9tranger qatari a vers\u00e9 environ 30 000 dollars aux comit\u00e9s de campagne du s\u00e9nateur Lindsey Graham (R-SC) entre 2020 et 2025. Pendant cette p\u00e9riode, le bureau de Graham a accord\u00e9 un acc\u00e8s important au cabinet de lobbying de cet agent afin de soutenir les int\u00e9r\u00eats du Qatar. Cela comprenait plus de 131 \u00e9changes entre le bureau du s\u00e9nateur et l\u2019agent qatari, ainsi que des r\u00e9unions en personne et des appels t\u00e9l\u00e9phoniques avec Graham lui-m\u00eame.<\/p>\n\n\n\n

Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

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Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

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Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

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Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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L\u2019aveu du s\u00e9nateur Ted Cruz concernant le soutien am\u00e9ricain aux frappes isra\u00e9liennes contre l\u2019Iran expose les contradictions de la politique \u00e9trang\u00e8re am\u00e9ricaine. Sa position militariste, teint\u00e9e de convictions religieuses, contraste avec la prudence d\u2019autres voix et r\u00e9v\u00e8le les fractures internes du Parti r\u00e9publicain et du mouvement MAGA.<\/p>\n\n\n\n

Les \u00c9tats-Unis se trouvent \u00e0 un carrefour d\u00e9cisif : entre la mont\u00e9e des tensions, les choix incertains de Trump, et la pression des faucons, les d\u00e9cisions prises dans les semaines \u00e0 venir pourraient d\u00e9terminer l\u2019avenir du conflit Isra\u00ebl-Iran, la position g\u00e9opolitique des \u00c9tats-Unis, et les chances de paix ou de guerre dans l\u2019une des r\u00e9gions les plus explosives au monde.<\/p>\n","post_title":"Isra\u00ebl contr\u00f4le-t-il l\u2019Am\u00e9rique ? Analyse de l\u2019aveu controvers\u00e9 de Ted Cruz sur l\u2019implication des \u00c9tats-Unis dans les frappes contre l\u2019Iran","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"israel-controle-t-il-lamerique-analyse-de-laveu-controverse-de-ted-cruz-sur-limplication-des-etats-unis-dans-les-frappes-contre-liran","to_ping":"","pinged":"","post_modified":"2025-06-28 10:50:31","post_modified_gmt":"2025-06-28 10:50:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=8094","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7845,"post_author":"7","post_date":"2025-05-25 14:57:07","post_date_gmt":"2025-05-25 14:57:07","post_content":"\n

Un agent \u00e9tranger qatari a vers\u00e9 environ 30 000 dollars aux comit\u00e9s de campagne du s\u00e9nateur Lindsey Graham (R-SC) entre 2020 et 2025. Pendant cette p\u00e9riode, le bureau de Graham a accord\u00e9 un acc\u00e8s important au cabinet de lobbying de cet agent afin de soutenir les int\u00e9r\u00eats du Qatar. Cela comprenait plus de 131 \u00e9changes entre le bureau du s\u00e9nateur et l\u2019agent qatari, ainsi que des r\u00e9unions en personne et des appels t\u00e9l\u00e9phoniques avec Graham lui-m\u00eame.<\/p>\n\n\n\n

Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

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Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Conclusion<\/h2>\n\n\n\n

L\u2019aveu du s\u00e9nateur Ted Cruz concernant le soutien am\u00e9ricain aux frappes isra\u00e9liennes contre l\u2019Iran expose les contradictions de la politique \u00e9trang\u00e8re am\u00e9ricaine. Sa position militariste, teint\u00e9e de convictions religieuses, contraste avec la prudence d\u2019autres voix et r\u00e9v\u00e8le les fractures internes du Parti r\u00e9publicain et du mouvement MAGA.<\/p>\n\n\n\n

Les \u00c9tats-Unis se trouvent \u00e0 un carrefour d\u00e9cisif : entre la mont\u00e9e des tensions, les choix incertains de Trump, et la pression des faucons, les d\u00e9cisions prises dans les semaines \u00e0 venir pourraient d\u00e9terminer l\u2019avenir du conflit Isra\u00ebl-Iran, la position g\u00e9opolitique des \u00c9tats-Unis, et les chances de paix ou de guerre dans l\u2019une des r\u00e9gions les plus explosives au monde.<\/p>\n","post_title":"Isra\u00ebl contr\u00f4le-t-il l\u2019Am\u00e9rique ? Analyse de l\u2019aveu controvers\u00e9 de Ted Cruz sur l\u2019implication des \u00c9tats-Unis dans les frappes contre l\u2019Iran","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"israel-controle-t-il-lamerique-analyse-de-laveu-controverse-de-ted-cruz-sur-limplication-des-etats-unis-dans-les-frappes-contre-liran","to_ping":"","pinged":"","post_modified":"2025-06-28 10:50:31","post_modified_gmt":"2025-06-28 10:50:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=8094","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7845,"post_author":"7","post_date":"2025-05-25 14:57:07","post_date_gmt":"2025-05-25 14:57:07","post_content":"\n

Un agent \u00e9tranger qatari a vers\u00e9 environ 30 000 dollars aux comit\u00e9s de campagne du s\u00e9nateur Lindsey Graham (R-SC) entre 2020 et 2025. Pendant cette p\u00e9riode, le bureau de Graham a accord\u00e9 un acc\u00e8s important au cabinet de lobbying de cet agent afin de soutenir les int\u00e9r\u00eats du Qatar. Cela comprenait plus de 131 \u00e9changes entre le bureau du s\u00e9nateur et l\u2019agent qatari, ainsi que des r\u00e9unions en personne et des appels t\u00e9l\u00e9phoniques avec Graham lui-m\u00eame.<\/p>\n\n\n\n

Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Une escalade entra\u00eenerait de lourdes pertes civiles des deux c\u00f4t\u00e9s : morts, bless\u00e9s, d\u00e9placements forc\u00e9s et souffrances humanitaires accrues.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

L\u2019aveu du s\u00e9nateur Ted Cruz concernant le soutien am\u00e9ricain aux frappes isra\u00e9liennes contre l\u2019Iran expose les contradictions de la politique \u00e9trang\u00e8re am\u00e9ricaine. Sa position militariste, teint\u00e9e de convictions religieuses, contraste avec la prudence d\u2019autres voix et r\u00e9v\u00e8le les fractures internes du Parti r\u00e9publicain et du mouvement MAGA.<\/p>\n\n\n\n

Les \u00c9tats-Unis se trouvent \u00e0 un carrefour d\u00e9cisif : entre la mont\u00e9e des tensions, les choix incertains de Trump, et la pression des faucons, les d\u00e9cisions prises dans les semaines \u00e0 venir pourraient d\u00e9terminer l\u2019avenir du conflit Isra\u00ebl-Iran, la position g\u00e9opolitique des \u00c9tats-Unis, et les chances de paix ou de guerre dans l\u2019une des r\u00e9gions les plus explosives au monde.<\/p>\n","post_title":"Isra\u00ebl contr\u00f4le-t-il l\u2019Am\u00e9rique ? Analyse de l\u2019aveu controvers\u00e9 de Ted Cruz sur l\u2019implication des \u00c9tats-Unis dans les frappes contre l\u2019Iran","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"israel-controle-t-il-lamerique-analyse-de-laveu-controverse-de-ted-cruz-sur-limplication-des-etats-unis-dans-les-frappes-contre-liran","to_ping":"","pinged":"","post_modified":"2025-06-28 10:50:31","post_modified_gmt":"2025-06-28 10:50:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=8094","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7845,"post_author":"7","post_date":"2025-05-25 14:57:07","post_date_gmt":"2025-05-25 14:57:07","post_content":"\n

Un agent \u00e9tranger qatari a vers\u00e9 environ 30 000 dollars aux comit\u00e9s de campagne du s\u00e9nateur Lindsey Graham (R-SC) entre 2020 et 2025. Pendant cette p\u00e9riode, le bureau de Graham a accord\u00e9 un acc\u00e8s important au cabinet de lobbying de cet agent afin de soutenir les int\u00e9r\u00eats du Qatar. Cela comprenait plus de 131 \u00e9changes entre le bureau du s\u00e9nateur et l\u2019agent qatari, ainsi que des r\u00e9unions en personne et des appels t\u00e9l\u00e9phoniques avec Graham lui-m\u00eame.<\/p>\n\n\n\n

Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Cons\u00e9quences humanitaires<\/h3>\n\n\n\n

Une escalade entra\u00eenerait de lourdes pertes civiles des deux c\u00f4t\u00e9s : morts, bless\u00e9s, d\u00e9placements forc\u00e9s et souffrances humanitaires accrues.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

L\u2019aveu du s\u00e9nateur Ted Cruz concernant le soutien am\u00e9ricain aux frappes isra\u00e9liennes contre l\u2019Iran expose les contradictions de la politique \u00e9trang\u00e8re am\u00e9ricaine. Sa position militariste, teint\u00e9e de convictions religieuses, contraste avec la prudence d\u2019autres voix et r\u00e9v\u00e8le les fractures internes du Parti r\u00e9publicain et du mouvement MAGA.<\/p>\n\n\n\n

Les \u00c9tats-Unis se trouvent \u00e0 un carrefour d\u00e9cisif : entre la mont\u00e9e des tensions, les choix incertains de Trump, et la pression des faucons, les d\u00e9cisions prises dans les semaines \u00e0 venir pourraient d\u00e9terminer l\u2019avenir du conflit Isra\u00ebl-Iran, la position g\u00e9opolitique des \u00c9tats-Unis, et les chances de paix ou de guerre dans l\u2019une des r\u00e9gions les plus explosives au monde.<\/p>\n","post_title":"Isra\u00ebl contr\u00f4le-t-il l\u2019Am\u00e9rique ? Analyse de l\u2019aveu controvers\u00e9 de Ted Cruz sur l\u2019implication des \u00c9tats-Unis dans les frappes contre l\u2019Iran","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"israel-controle-t-il-lamerique-analyse-de-laveu-controverse-de-ted-cruz-sur-limplication-des-etats-unis-dans-les-frappes-contre-liran","to_ping":"","pinged":"","post_modified":"2025-06-28 10:50:31","post_modified_gmt":"2025-06-28 10:50:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=8094","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7845,"post_author":"7","post_date":"2025-05-25 14:57:07","post_date_gmt":"2025-05-25 14:57:07","post_content":"\n

Un agent \u00e9tranger qatari a vers\u00e9 environ 30 000 dollars aux comit\u00e9s de campagne du s\u00e9nateur Lindsey Graham (R-SC) entre 2020 et 2025. Pendant cette p\u00e9riode, le bureau de Graham a accord\u00e9 un acc\u00e8s important au cabinet de lobbying de cet agent afin de soutenir les int\u00e9r\u00eats du Qatar. Cela comprenait plus de 131 \u00e9changes entre le bureau du s\u00e9nateur et l\u2019agent qatari, ainsi que des r\u00e9unions en personne et des appels t\u00e9l\u00e9phoniques avec Graham lui-m\u00eame.<\/p>\n\n\n\n

Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

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Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

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Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

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Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

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Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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L\u2019absence de consensus clair au sein du gouvernement am\u00e9ricain et entre ses alli\u00e9s complique les efforts diplomatiques tout en nourrissant les pr\u00e9paratifs militaires.<\/p>\n\n\n\n

Cons\u00e9quences humanitaires<\/h3>\n\n\n\n

Une escalade entra\u00eenerait de lourdes pertes civiles des deux c\u00f4t\u00e9s : morts, bless\u00e9s, d\u00e9placements forc\u00e9s et souffrances humanitaires accrues.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

L\u2019aveu du s\u00e9nateur Ted Cruz concernant le soutien am\u00e9ricain aux frappes isra\u00e9liennes contre l\u2019Iran expose les contradictions de la politique \u00e9trang\u00e8re am\u00e9ricaine. Sa position militariste, teint\u00e9e de convictions religieuses, contraste avec la prudence d\u2019autres voix et r\u00e9v\u00e8le les fractures internes du Parti r\u00e9publicain et du mouvement MAGA.<\/p>\n\n\n\n

Les \u00c9tats-Unis se trouvent \u00e0 un carrefour d\u00e9cisif : entre la mont\u00e9e des tensions, les choix incertains de Trump, et la pression des faucons, les d\u00e9cisions prises dans les semaines \u00e0 venir pourraient d\u00e9terminer l\u2019avenir du conflit Isra\u00ebl-Iran, la position g\u00e9opolitique des \u00c9tats-Unis, et les chances de paix ou de guerre dans l\u2019une des r\u00e9gions les plus explosives au monde.<\/p>\n","post_title":"Isra\u00ebl contr\u00f4le-t-il l\u2019Am\u00e9rique ? Analyse de l\u2019aveu controvers\u00e9 de Ted Cruz sur l\u2019implication des \u00c9tats-Unis dans les frappes contre l\u2019Iran","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"israel-controle-t-il-lamerique-analyse-de-laveu-controverse-de-ted-cruz-sur-limplication-des-etats-unis-dans-les-frappes-contre-liran","to_ping":"","pinged":"","post_modified":"2025-06-28 10:50:31","post_modified_gmt":"2025-06-28 10:50:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=8094","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7845,"post_author":"7","post_date":"2025-05-25 14:57:07","post_date_gmt":"2025-05-25 14:57:07","post_content":"\n

Un agent \u00e9tranger qatari a vers\u00e9 environ 30 000 dollars aux comit\u00e9s de campagne du s\u00e9nateur Lindsey Graham (R-SC) entre 2020 et 2025. Pendant cette p\u00e9riode, le bureau de Graham a accord\u00e9 un acc\u00e8s important au cabinet de lobbying de cet agent afin de soutenir les int\u00e9r\u00eats du Qatar. Cela comprenait plus de 131 \u00e9changes entre le bureau du s\u00e9nateur et l\u2019agent qatari, ainsi que des r\u00e9unions en personne et des appels t\u00e9l\u00e9phoniques avec Graham lui-m\u00eame.<\/p>\n\n\n\n

Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

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Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

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3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

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Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

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Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

Page 6 of 7 1 … 5 6 7
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Ambigu\u00eft\u00e9 strat\u00e9gique<\/h3>\n\n\n\n

L\u2019absence de consensus clair au sein du gouvernement am\u00e9ricain et entre ses alli\u00e9s complique les efforts diplomatiques tout en nourrissant les pr\u00e9paratifs militaires.<\/p>\n\n\n\n

Cons\u00e9quences humanitaires<\/h3>\n\n\n\n

Une escalade entra\u00eenerait de lourdes pertes civiles des deux c\u00f4t\u00e9s : morts, bless\u00e9s, d\u00e9placements forc\u00e9s et souffrances humanitaires accrues.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

L\u2019aveu du s\u00e9nateur Ted Cruz concernant le soutien am\u00e9ricain aux frappes isra\u00e9liennes contre l\u2019Iran expose les contradictions de la politique \u00e9trang\u00e8re am\u00e9ricaine. Sa position militariste, teint\u00e9e de convictions religieuses, contraste avec la prudence d\u2019autres voix et r\u00e9v\u00e8le les fractures internes du Parti r\u00e9publicain et du mouvement MAGA.<\/p>\n\n\n\n

Les \u00c9tats-Unis se trouvent \u00e0 un carrefour d\u00e9cisif : entre la mont\u00e9e des tensions, les choix incertains de Trump, et la pression des faucons, les d\u00e9cisions prises dans les semaines \u00e0 venir pourraient d\u00e9terminer l\u2019avenir du conflit Isra\u00ebl-Iran, la position g\u00e9opolitique des \u00c9tats-Unis, et les chances de paix ou de guerre dans l\u2019une des r\u00e9gions les plus explosives au monde.<\/p>\n","post_title":"Isra\u00ebl contr\u00f4le-t-il l\u2019Am\u00e9rique ? Analyse de l\u2019aveu controvers\u00e9 de Ted Cruz sur l\u2019implication des \u00c9tats-Unis dans les frappes contre l\u2019Iran","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"israel-controle-t-il-lamerique-analyse-de-laveu-controverse-de-ted-cruz-sur-limplication-des-etats-unis-dans-les-frappes-contre-liran","to_ping":"","pinged":"","post_modified":"2025-06-28 10:50:31","post_modified_gmt":"2025-06-28 10:50:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=8094","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7845,"post_author":"7","post_date":"2025-05-25 14:57:07","post_date_gmt":"2025-05-25 14:57:07","post_content":"\n

Un agent \u00e9tranger qatari a vers\u00e9 environ 30 000 dollars aux comit\u00e9s de campagne du s\u00e9nateur Lindsey Graham (R-SC) entre 2020 et 2025. Pendant cette p\u00e9riode, le bureau de Graham a accord\u00e9 un acc\u00e8s important au cabinet de lobbying de cet agent afin de soutenir les int\u00e9r\u00eats du Qatar. Cela comprenait plus de 131 \u00e9changes entre le bureau du s\u00e9nateur et l\u2019agent qatari, ainsi que des r\u00e9unions en personne et des appels t\u00e9l\u00e9phoniques avec Graham lui-m\u00eame.<\/p>\n\n\n\n

Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Une implication directe des \u00c9tats-Unis pourrait transformer le conflit en une guerre r\u00e9gionale, avec des milices pro-iraniennes d\u00e9stabilisant les \u00c9tats voisins. Le risque de repr\u00e9sailles iraniennes contre les troupes ou alli\u00e9s am\u00e9ricains demeure \u00e9lev\u00e9.<\/p>\n\n\n\n

Ambigu\u00eft\u00e9 strat\u00e9gique<\/h3>\n\n\n\n

L\u2019absence de consensus clair au sein du gouvernement am\u00e9ricain et entre ses alli\u00e9s complique les efforts diplomatiques tout en nourrissant les pr\u00e9paratifs militaires.<\/p>\n\n\n\n

Cons\u00e9quences humanitaires<\/h3>\n\n\n\n

Une escalade entra\u00eenerait de lourdes pertes civiles des deux c\u00f4t\u00e9s : morts, bless\u00e9s, d\u00e9placements forc\u00e9s et souffrances humanitaires accrues.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

L\u2019aveu du s\u00e9nateur Ted Cruz concernant le soutien am\u00e9ricain aux frappes isra\u00e9liennes contre l\u2019Iran expose les contradictions de la politique \u00e9trang\u00e8re am\u00e9ricaine. Sa position militariste, teint\u00e9e de convictions religieuses, contraste avec la prudence d\u2019autres voix et r\u00e9v\u00e8le les fractures internes du Parti r\u00e9publicain et du mouvement MAGA.<\/p>\n\n\n\n

Les \u00c9tats-Unis se trouvent \u00e0 un carrefour d\u00e9cisif : entre la mont\u00e9e des tensions, les choix incertains de Trump, et la pression des faucons, les d\u00e9cisions prises dans les semaines \u00e0 venir pourraient d\u00e9terminer l\u2019avenir du conflit Isra\u00ebl-Iran, la position g\u00e9opolitique des \u00c9tats-Unis, et les chances de paix ou de guerre dans l\u2019une des r\u00e9gions les plus explosives au monde.<\/p>\n","post_title":"Isra\u00ebl contr\u00f4le-t-il l\u2019Am\u00e9rique ? Analyse de l\u2019aveu controvers\u00e9 de Ted Cruz sur l\u2019implication des \u00c9tats-Unis dans les frappes contre l\u2019Iran","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"israel-controle-t-il-lamerique-analyse-de-laveu-controverse-de-ted-cruz-sur-limplication-des-etats-unis-dans-les-frappes-contre-liran","to_ping":"","pinged":"","post_modified":"2025-06-28 10:50:31","post_modified_gmt":"2025-06-28 10:50:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=8094","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7845,"post_author":"7","post_date":"2025-05-25 14:57:07","post_date_gmt":"2025-05-25 14:57:07","post_content":"\n

Un agent \u00e9tranger qatari a vers\u00e9 environ 30 000 dollars aux comit\u00e9s de campagne du s\u00e9nateur Lindsey Graham (R-SC) entre 2020 et 2025. Pendant cette p\u00e9riode, le bureau de Graham a accord\u00e9 un acc\u00e8s important au cabinet de lobbying de cet agent afin de soutenir les int\u00e9r\u00eats du Qatar. Cela comprenait plus de 131 \u00e9changes entre le bureau du s\u00e9nateur et l\u2019agent qatari, ainsi que des r\u00e9unions en personne et des appels t\u00e9l\u00e9phoniques avec Graham lui-m\u00eame.<\/p>\n\n\n\n

Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Risque d\u2019escalade<\/h3>\n\n\n\n

Une implication directe des \u00c9tats-Unis pourrait transformer le conflit en une guerre r\u00e9gionale, avec des milices pro-iraniennes d\u00e9stabilisant les \u00c9tats voisins. Le risque de repr\u00e9sailles iraniennes contre les troupes ou alli\u00e9s am\u00e9ricains demeure \u00e9lev\u00e9.<\/p>\n\n\n\n

Ambigu\u00eft\u00e9 strat\u00e9gique<\/h3>\n\n\n\n

L\u2019absence de consensus clair au sein du gouvernement am\u00e9ricain et entre ses alli\u00e9s complique les efforts diplomatiques tout en nourrissant les pr\u00e9paratifs militaires.<\/p>\n\n\n\n

Cons\u00e9quences humanitaires<\/h3>\n\n\n\n

Une escalade entra\u00eenerait de lourdes pertes civiles des deux c\u00f4t\u00e9s : morts, bless\u00e9s, d\u00e9placements forc\u00e9s et souffrances humanitaires accrues.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

L\u2019aveu du s\u00e9nateur Ted Cruz concernant le soutien am\u00e9ricain aux frappes isra\u00e9liennes contre l\u2019Iran expose les contradictions de la politique \u00e9trang\u00e8re am\u00e9ricaine. Sa position militariste, teint\u00e9e de convictions religieuses, contraste avec la prudence d\u2019autres voix et r\u00e9v\u00e8le les fractures internes du Parti r\u00e9publicain et du mouvement MAGA.<\/p>\n\n\n\n

Les \u00c9tats-Unis se trouvent \u00e0 un carrefour d\u00e9cisif : entre la mont\u00e9e des tensions, les choix incertains de Trump, et la pression des faucons, les d\u00e9cisions prises dans les semaines \u00e0 venir pourraient d\u00e9terminer l\u2019avenir du conflit Isra\u00ebl-Iran, la position g\u00e9opolitique des \u00c9tats-Unis, et les chances de paix ou de guerre dans l\u2019une des r\u00e9gions les plus explosives au monde.<\/p>\n","post_title":"Isra\u00ebl contr\u00f4le-t-il l\u2019Am\u00e9rique ? Analyse de l\u2019aveu controvers\u00e9 de Ted Cruz sur l\u2019implication des \u00c9tats-Unis dans les frappes contre l\u2019Iran","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"israel-controle-t-il-lamerique-analyse-de-laveu-controverse-de-ted-cruz-sur-limplication-des-etats-unis-dans-les-frappes-contre-liran","to_ping":"","pinged":"","post_modified":"2025-06-28 10:50:31","post_modified_gmt":"2025-06-28 10:50:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=8094","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7845,"post_author":"7","post_date":"2025-05-25 14:57:07","post_date_gmt":"2025-05-25 14:57:07","post_content":"\n

Un agent \u00e9tranger qatari a vers\u00e9 environ 30 000 dollars aux comit\u00e9s de campagne du s\u00e9nateur Lindsey Graham (R-SC) entre 2020 et 2025. Pendant cette p\u00e9riode, le bureau de Graham a accord\u00e9 un acc\u00e8s important au cabinet de lobbying de cet agent afin de soutenir les int\u00e9r\u00eats du Qatar. Cela comprenait plus de 131 \u00e9changes entre le bureau du s\u00e9nateur et l\u2019agent qatari, ainsi que des r\u00e9unions en personne et des appels t\u00e9l\u00e9phoniques avec Graham lui-m\u00eame.<\/p>\n\n\n\n

Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

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Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Risques li\u00e9s \u00e0 une intervention am\u00e9ricaine<\/h2>\n\n\n\n

Risque d\u2019escalade<\/h3>\n\n\n\n

Une implication directe des \u00c9tats-Unis pourrait transformer le conflit en une guerre r\u00e9gionale, avec des milices pro-iraniennes d\u00e9stabilisant les \u00c9tats voisins. Le risque de repr\u00e9sailles iraniennes contre les troupes ou alli\u00e9s am\u00e9ricains demeure \u00e9lev\u00e9.<\/p>\n\n\n\n

Ambigu\u00eft\u00e9 strat\u00e9gique<\/h3>\n\n\n\n

L\u2019absence de consensus clair au sein du gouvernement am\u00e9ricain et entre ses alli\u00e9s complique les efforts diplomatiques tout en nourrissant les pr\u00e9paratifs militaires.<\/p>\n\n\n\n

Cons\u00e9quences humanitaires<\/h3>\n\n\n\n

Une escalade entra\u00eenerait de lourdes pertes civiles des deux c\u00f4t\u00e9s : morts, bless\u00e9s, d\u00e9placements forc\u00e9s et souffrances humanitaires accrues.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

L\u2019aveu du s\u00e9nateur Ted Cruz concernant le soutien am\u00e9ricain aux frappes isra\u00e9liennes contre l\u2019Iran expose les contradictions de la politique \u00e9trang\u00e8re am\u00e9ricaine. Sa position militariste, teint\u00e9e de convictions religieuses, contraste avec la prudence d\u2019autres voix et r\u00e9v\u00e8le les fractures internes du Parti r\u00e9publicain et du mouvement MAGA.<\/p>\n\n\n\n

Les \u00c9tats-Unis se trouvent \u00e0 un carrefour d\u00e9cisif : entre la mont\u00e9e des tensions, les choix incertains de Trump, et la pression des faucons, les d\u00e9cisions prises dans les semaines \u00e0 venir pourraient d\u00e9terminer l\u2019avenir du conflit Isra\u00ebl-Iran, la position g\u00e9opolitique des \u00c9tats-Unis, et les chances de paix ou de guerre dans l\u2019une des r\u00e9gions les plus explosives au monde.<\/p>\n","post_title":"Isra\u00ebl contr\u00f4le-t-il l\u2019Am\u00e9rique ? Analyse de l\u2019aveu controvers\u00e9 de Ted Cruz sur l\u2019implication des \u00c9tats-Unis dans les frappes contre l\u2019Iran","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"israel-controle-t-il-lamerique-analyse-de-laveu-controverse-de-ted-cruz-sur-limplication-des-etats-unis-dans-les-frappes-contre-liran","to_ping":"","pinged":"","post_modified":"2025-06-28 10:50:31","post_modified_gmt":"2025-06-28 10:50:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=8094","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7845,"post_author":"7","post_date":"2025-05-25 14:57:07","post_date_gmt":"2025-05-25 14:57:07","post_content":"\n

Un agent \u00e9tranger qatari a vers\u00e9 environ 30 000 dollars aux comit\u00e9s de campagne du s\u00e9nateur Lindsey Graham (R-SC) entre 2020 et 2025. Pendant cette p\u00e9riode, le bureau de Graham a accord\u00e9 un acc\u00e8s important au cabinet de lobbying de cet agent afin de soutenir les int\u00e9r\u00eats du Qatar. Cela comprenait plus de 131 \u00e9changes entre le bureau du s\u00e9nateur et l\u2019agent qatari, ainsi que des r\u00e9unions en personne et des appels t\u00e9l\u00e9phoniques avec Graham lui-m\u00eame.<\/p>\n\n\n\n

Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

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Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

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3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

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Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

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Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Les \u00c9tats-Unis ont d\u00e9ploy\u00e9 des navires de guerre et des avions de chasse suppl\u00e9mentaires au Moyen-Orient. Cette mobilisation souligne leur niveau de pr\u00e9paration, alors que le Congr\u00e8s reste divis\u00e9 sur une autorisation formelle d\u2019action militaire.<\/p>\n\n\n\n

Risques li\u00e9s \u00e0 une intervention am\u00e9ricaine<\/h2>\n\n\n\n

Risque d\u2019escalade<\/h3>\n\n\n\n

Une implication directe des \u00c9tats-Unis pourrait transformer le conflit en une guerre r\u00e9gionale, avec des milices pro-iraniennes d\u00e9stabilisant les \u00c9tats voisins. Le risque de repr\u00e9sailles iraniennes contre les troupes ou alli\u00e9s am\u00e9ricains demeure \u00e9lev\u00e9.<\/p>\n\n\n\n

Ambigu\u00eft\u00e9 strat\u00e9gique<\/h3>\n\n\n\n

L\u2019absence de consensus clair au sein du gouvernement am\u00e9ricain et entre ses alli\u00e9s complique les efforts diplomatiques tout en nourrissant les pr\u00e9paratifs militaires.<\/p>\n\n\n\n

Cons\u00e9quences humanitaires<\/h3>\n\n\n\n

Une escalade entra\u00eenerait de lourdes pertes civiles des deux c\u00f4t\u00e9s : morts, bless\u00e9s, d\u00e9placements forc\u00e9s et souffrances humanitaires accrues.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

L\u2019aveu du s\u00e9nateur Ted Cruz concernant le soutien am\u00e9ricain aux frappes isra\u00e9liennes contre l\u2019Iran expose les contradictions de la politique \u00e9trang\u00e8re am\u00e9ricaine. Sa position militariste, teint\u00e9e de convictions religieuses, contraste avec la prudence d\u2019autres voix et r\u00e9v\u00e8le les fractures internes du Parti r\u00e9publicain et du mouvement MAGA.<\/p>\n\n\n\n

Les \u00c9tats-Unis se trouvent \u00e0 un carrefour d\u00e9cisif : entre la mont\u00e9e des tensions, les choix incertains de Trump, et la pression des faucons, les d\u00e9cisions prises dans les semaines \u00e0 venir pourraient d\u00e9terminer l\u2019avenir du conflit Isra\u00ebl-Iran, la position g\u00e9opolitique des \u00c9tats-Unis, et les chances de paix ou de guerre dans l\u2019une des r\u00e9gions les plus explosives au monde.<\/p>\n","post_title":"Isra\u00ebl contr\u00f4le-t-il l\u2019Am\u00e9rique ? Analyse de l\u2019aveu controvers\u00e9 de Ted Cruz sur l\u2019implication des \u00c9tats-Unis dans les frappes contre l\u2019Iran","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"israel-controle-t-il-lamerique-analyse-de-laveu-controverse-de-ted-cruz-sur-limplication-des-etats-unis-dans-les-frappes-contre-liran","to_ping":"","pinged":"","post_modified":"2025-06-28 10:50:31","post_modified_gmt":"2025-06-28 10:50:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=8094","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7845,"post_author":"7","post_date":"2025-05-25 14:57:07","post_date_gmt":"2025-05-25 14:57:07","post_content":"\n

Un agent \u00e9tranger qatari a vers\u00e9 environ 30 000 dollars aux comit\u00e9s de campagne du s\u00e9nateur Lindsey Graham (R-SC) entre 2020 et 2025. Pendant cette p\u00e9riode, le bureau de Graham a accord\u00e9 un acc\u00e8s important au cabinet de lobbying de cet agent afin de soutenir les int\u00e9r\u00eats du Qatar. Cela comprenait plus de 131 \u00e9changes entre le bureau du s\u00e9nateur et l\u2019agent qatari, ainsi que des r\u00e9unions en personne et des appels t\u00e9l\u00e9phoniques avec Graham lui-m\u00eame.<\/p>\n\n\n\n

Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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La posture militaire des \u00c9tats-Unis<\/h3>\n\n\n\n

Les \u00c9tats-Unis ont d\u00e9ploy\u00e9 des navires de guerre et des avions de chasse suppl\u00e9mentaires au Moyen-Orient. Cette mobilisation souligne leur niveau de pr\u00e9paration, alors que le Congr\u00e8s reste divis\u00e9 sur une autorisation formelle d\u2019action militaire.<\/p>\n\n\n\n

Risques li\u00e9s \u00e0 une intervention am\u00e9ricaine<\/h2>\n\n\n\n

Risque d\u2019escalade<\/h3>\n\n\n\n

Une implication directe des \u00c9tats-Unis pourrait transformer le conflit en une guerre r\u00e9gionale, avec des milices pro-iraniennes d\u00e9stabilisant les \u00c9tats voisins. Le risque de repr\u00e9sailles iraniennes contre les troupes ou alli\u00e9s am\u00e9ricains demeure \u00e9lev\u00e9.<\/p>\n\n\n\n

Ambigu\u00eft\u00e9 strat\u00e9gique<\/h3>\n\n\n\n

L\u2019absence de consensus clair au sein du gouvernement am\u00e9ricain et entre ses alli\u00e9s complique les efforts diplomatiques tout en nourrissant les pr\u00e9paratifs militaires.<\/p>\n\n\n\n

Cons\u00e9quences humanitaires<\/h3>\n\n\n\n

Une escalade entra\u00eenerait de lourdes pertes civiles des deux c\u00f4t\u00e9s : morts, bless\u00e9s, d\u00e9placements forc\u00e9s et souffrances humanitaires accrues.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

L\u2019aveu du s\u00e9nateur Ted Cruz concernant le soutien am\u00e9ricain aux frappes isra\u00e9liennes contre l\u2019Iran expose les contradictions de la politique \u00e9trang\u00e8re am\u00e9ricaine. Sa position militariste, teint\u00e9e de convictions religieuses, contraste avec la prudence d\u2019autres voix et r\u00e9v\u00e8le les fractures internes du Parti r\u00e9publicain et du mouvement MAGA.<\/p>\n\n\n\n

Les \u00c9tats-Unis se trouvent \u00e0 un carrefour d\u00e9cisif : entre la mont\u00e9e des tensions, les choix incertains de Trump, et la pression des faucons, les d\u00e9cisions prises dans les semaines \u00e0 venir pourraient d\u00e9terminer l\u2019avenir du conflit Isra\u00ebl-Iran, la position g\u00e9opolitique des \u00c9tats-Unis, et les chances de paix ou de guerre dans l\u2019une des r\u00e9gions les plus explosives au monde.<\/p>\n","post_title":"Isra\u00ebl contr\u00f4le-t-il l\u2019Am\u00e9rique ? Analyse de l\u2019aveu controvers\u00e9 de Ted Cruz sur l\u2019implication des \u00c9tats-Unis dans les frappes contre l\u2019Iran","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"israel-controle-t-il-lamerique-analyse-de-laveu-controverse-de-ted-cruz-sur-limplication-des-etats-unis-dans-les-frappes-contre-liran","to_ping":"","pinged":"","post_modified":"2025-06-28 10:50:31","post_modified_gmt":"2025-06-28 10:50:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=8094","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7845,"post_author":"7","post_date":"2025-05-25 14:57:07","post_date_gmt":"2025-05-25 14:57:07","post_content":"\n

Un agent \u00e9tranger qatari a vers\u00e9 environ 30 000 dollars aux comit\u00e9s de campagne du s\u00e9nateur Lindsey Graham (R-SC) entre 2020 et 2025. Pendant cette p\u00e9riode, le bureau de Graham a accord\u00e9 un acc\u00e8s important au cabinet de lobbying de cet agent afin de soutenir les int\u00e9r\u00eats du Qatar. Cela comprenait plus de 131 \u00e9changes entre le bureau du s\u00e9nateur et l\u2019agent qatari, ainsi que des r\u00e9unions en personne et des appels t\u00e9l\u00e9phoniques avec Graham lui-m\u00eame.<\/p>\n\n\n\n

Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Des rumeurs font \u00e9tat de tentatives iraniennes d\u2019assassiner Donald Trump, bien que ces all\u00e9gations restent contest\u00e9es. Des responsables isra\u00e9liens ont \u00e9voqu\u00e9 publiquement l\u2019\u00e9limination du guide supr\u00eame iranien, aggravant encore les tensions.<\/p>\n\n\n\n

La posture militaire des \u00c9tats-Unis<\/h3>\n\n\n\n

Les \u00c9tats-Unis ont d\u00e9ploy\u00e9 des navires de guerre et des avions de chasse suppl\u00e9mentaires au Moyen-Orient. Cette mobilisation souligne leur niveau de pr\u00e9paration, alors que le Congr\u00e8s reste divis\u00e9 sur une autorisation formelle d\u2019action militaire.<\/p>\n\n\n\n

Risques li\u00e9s \u00e0 une intervention am\u00e9ricaine<\/h2>\n\n\n\n

Risque d\u2019escalade<\/h3>\n\n\n\n

Une implication directe des \u00c9tats-Unis pourrait transformer le conflit en une guerre r\u00e9gionale, avec des milices pro-iraniennes d\u00e9stabilisant les \u00c9tats voisins. Le risque de repr\u00e9sailles iraniennes contre les troupes ou alli\u00e9s am\u00e9ricains demeure \u00e9lev\u00e9.<\/p>\n\n\n\n

Ambigu\u00eft\u00e9 strat\u00e9gique<\/h3>\n\n\n\n

L\u2019absence de consensus clair au sein du gouvernement am\u00e9ricain et entre ses alli\u00e9s complique les efforts diplomatiques tout en nourrissant les pr\u00e9paratifs militaires.<\/p>\n\n\n\n

Cons\u00e9quences humanitaires<\/h3>\n\n\n\n

Une escalade entra\u00eenerait de lourdes pertes civiles des deux c\u00f4t\u00e9s : morts, bless\u00e9s, d\u00e9placements forc\u00e9s et souffrances humanitaires accrues.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

L\u2019aveu du s\u00e9nateur Ted Cruz concernant le soutien am\u00e9ricain aux frappes isra\u00e9liennes contre l\u2019Iran expose les contradictions de la politique \u00e9trang\u00e8re am\u00e9ricaine. Sa position militariste, teint\u00e9e de convictions religieuses, contraste avec la prudence d\u2019autres voix et r\u00e9v\u00e8le les fractures internes du Parti r\u00e9publicain et du mouvement MAGA.<\/p>\n\n\n\n

Les \u00c9tats-Unis se trouvent \u00e0 un carrefour d\u00e9cisif : entre la mont\u00e9e des tensions, les choix incertains de Trump, et la pression des faucons, les d\u00e9cisions prises dans les semaines \u00e0 venir pourraient d\u00e9terminer l\u2019avenir du conflit Isra\u00ebl-Iran, la position g\u00e9opolitique des \u00c9tats-Unis, et les chances de paix ou de guerre dans l\u2019une des r\u00e9gions les plus explosives au monde.<\/p>\n","post_title":"Isra\u00ebl contr\u00f4le-t-il l\u2019Am\u00e9rique ? Analyse de l\u2019aveu controvers\u00e9 de Ted Cruz sur l\u2019implication des \u00c9tats-Unis dans les frappes contre l\u2019Iran","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"israel-controle-t-il-lamerique-analyse-de-laveu-controverse-de-ted-cruz-sur-limplication-des-etats-unis-dans-les-frappes-contre-liran","to_ping":"","pinged":"","post_modified":"2025-06-28 10:50:31","post_modified_gmt":"2025-06-28 10:50:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=8094","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7845,"post_author":"7","post_date":"2025-05-25 14:57:07","post_date_gmt":"2025-05-25 14:57:07","post_content":"\n

Un agent \u00e9tranger qatari a vers\u00e9 environ 30 000 dollars aux comit\u00e9s de campagne du s\u00e9nateur Lindsey Graham (R-SC) entre 2020 et 2025. Pendant cette p\u00e9riode, le bureau de Graham a accord\u00e9 un acc\u00e8s important au cabinet de lobbying de cet agent afin de soutenir les int\u00e9r\u00eats du Qatar. Cela comprenait plus de 131 \u00e9changes entre le bureau du s\u00e9nateur et l\u2019agent qatari, ainsi que des r\u00e9unions en personne et des appels t\u00e9l\u00e9phoniques avec Graham lui-m\u00eame.<\/p>\n\n\n\n

Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

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Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

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Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Des projets d\u2019assassinats pr\u00e9sum\u00e9s<\/h3>\n\n\n\n

Des rumeurs font \u00e9tat de tentatives iraniennes d\u2019assassiner Donald Trump, bien que ces all\u00e9gations restent contest\u00e9es. Des responsables isra\u00e9liens ont \u00e9voqu\u00e9 publiquement l\u2019\u00e9limination du guide supr\u00eame iranien, aggravant encore les tensions.<\/p>\n\n\n\n

La posture militaire des \u00c9tats-Unis<\/h3>\n\n\n\n

Les \u00c9tats-Unis ont d\u00e9ploy\u00e9 des navires de guerre et des avions de chasse suppl\u00e9mentaires au Moyen-Orient. Cette mobilisation souligne leur niveau de pr\u00e9paration, alors que le Congr\u00e8s reste divis\u00e9 sur une autorisation formelle d\u2019action militaire.<\/p>\n\n\n\n

Risques li\u00e9s \u00e0 une intervention am\u00e9ricaine<\/h2>\n\n\n\n

Risque d\u2019escalade<\/h3>\n\n\n\n

Une implication directe des \u00c9tats-Unis pourrait transformer le conflit en une guerre r\u00e9gionale, avec des milices pro-iraniennes d\u00e9stabilisant les \u00c9tats voisins. Le risque de repr\u00e9sailles iraniennes contre les troupes ou alli\u00e9s am\u00e9ricains demeure \u00e9lev\u00e9.<\/p>\n\n\n\n

Ambigu\u00eft\u00e9 strat\u00e9gique<\/h3>\n\n\n\n

L\u2019absence de consensus clair au sein du gouvernement am\u00e9ricain et entre ses alli\u00e9s complique les efforts diplomatiques tout en nourrissant les pr\u00e9paratifs militaires.<\/p>\n\n\n\n

Cons\u00e9quences humanitaires<\/h3>\n\n\n\n

Une escalade entra\u00eenerait de lourdes pertes civiles des deux c\u00f4t\u00e9s : morts, bless\u00e9s, d\u00e9placements forc\u00e9s et souffrances humanitaires accrues.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

L\u2019aveu du s\u00e9nateur Ted Cruz concernant le soutien am\u00e9ricain aux frappes isra\u00e9liennes contre l\u2019Iran expose les contradictions de la politique \u00e9trang\u00e8re am\u00e9ricaine. Sa position militariste, teint\u00e9e de convictions religieuses, contraste avec la prudence d\u2019autres voix et r\u00e9v\u00e8le les fractures internes du Parti r\u00e9publicain et du mouvement MAGA.<\/p>\n\n\n\n

Les \u00c9tats-Unis se trouvent \u00e0 un carrefour d\u00e9cisif : entre la mont\u00e9e des tensions, les choix incertains de Trump, et la pression des faucons, les d\u00e9cisions prises dans les semaines \u00e0 venir pourraient d\u00e9terminer l\u2019avenir du conflit Isra\u00ebl-Iran, la position g\u00e9opolitique des \u00c9tats-Unis, et les chances de paix ou de guerre dans l\u2019une des r\u00e9gions les plus explosives au monde.<\/p>\n","post_title":"Isra\u00ebl contr\u00f4le-t-il l\u2019Am\u00e9rique ? Analyse de l\u2019aveu controvers\u00e9 de Ted Cruz sur l\u2019implication des \u00c9tats-Unis dans les frappes contre l\u2019Iran","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"israel-controle-t-il-lamerique-analyse-de-laveu-controverse-de-ted-cruz-sur-limplication-des-etats-unis-dans-les-frappes-contre-liran","to_ping":"","pinged":"","post_modified":"2025-06-28 10:50:31","post_modified_gmt":"2025-06-28 10:50:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=8094","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7845,"post_author":"7","post_date":"2025-05-25 14:57:07","post_date_gmt":"2025-05-25 14:57:07","post_content":"\n

Un agent \u00e9tranger qatari a vers\u00e9 environ 30 000 dollars aux comit\u00e9s de campagne du s\u00e9nateur Lindsey Graham (R-SC) entre 2020 et 2025. Pendant cette p\u00e9riode, le bureau de Graham a accord\u00e9 un acc\u00e8s important au cabinet de lobbying de cet agent afin de soutenir les int\u00e9r\u00eats du Qatar. Cela comprenait plus de 131 \u00e9changes entre le bureau du s\u00e9nateur et l\u2019agent qatari, ainsi que des r\u00e9unions en personne et des appels t\u00e9l\u00e9phoniques avec Graham lui-m\u00eame.<\/p>\n\n\n\n

Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Depuis juin 2025, Isra\u00ebl a intensifi\u00e9 ses attaques contre des cibles militaires iraniennes, notamment le site fortifi\u00e9 de Fordow. L\u2019Iran a r\u00e9pliqu\u00e9 en bombardant des villes isra\u00e9liennes et en lan\u00e7ant des missiles contre des bases et troupes am\u00e9ricaines dans la r\u00e9gion.<\/p>\n\n\n\n

Des projets d\u2019assassinats pr\u00e9sum\u00e9s<\/h3>\n\n\n\n

Des rumeurs font \u00e9tat de tentatives iraniennes d\u2019assassiner Donald Trump, bien que ces all\u00e9gations restent contest\u00e9es. Des responsables isra\u00e9liens ont \u00e9voqu\u00e9 publiquement l\u2019\u00e9limination du guide supr\u00eame iranien, aggravant encore les tensions.<\/p>\n\n\n\n

La posture militaire des \u00c9tats-Unis<\/h3>\n\n\n\n

Les \u00c9tats-Unis ont d\u00e9ploy\u00e9 des navires de guerre et des avions de chasse suppl\u00e9mentaires au Moyen-Orient. Cette mobilisation souligne leur niveau de pr\u00e9paration, alors que le Congr\u00e8s reste divis\u00e9 sur une autorisation formelle d\u2019action militaire.<\/p>\n\n\n\n

Risques li\u00e9s \u00e0 une intervention am\u00e9ricaine<\/h2>\n\n\n\n

Risque d\u2019escalade<\/h3>\n\n\n\n

Une implication directe des \u00c9tats-Unis pourrait transformer le conflit en une guerre r\u00e9gionale, avec des milices pro-iraniennes d\u00e9stabilisant les \u00c9tats voisins. Le risque de repr\u00e9sailles iraniennes contre les troupes ou alli\u00e9s am\u00e9ricains demeure \u00e9lev\u00e9.<\/p>\n\n\n\n

Ambigu\u00eft\u00e9 strat\u00e9gique<\/h3>\n\n\n\n

L\u2019absence de consensus clair au sein du gouvernement am\u00e9ricain et entre ses alli\u00e9s complique les efforts diplomatiques tout en nourrissant les pr\u00e9paratifs militaires.<\/p>\n\n\n\n

Cons\u00e9quences humanitaires<\/h3>\n\n\n\n

Une escalade entra\u00eenerait de lourdes pertes civiles des deux c\u00f4t\u00e9s : morts, bless\u00e9s, d\u00e9placements forc\u00e9s et souffrances humanitaires accrues.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

L\u2019aveu du s\u00e9nateur Ted Cruz concernant le soutien am\u00e9ricain aux frappes isra\u00e9liennes contre l\u2019Iran expose les contradictions de la politique \u00e9trang\u00e8re am\u00e9ricaine. Sa position militariste, teint\u00e9e de convictions religieuses, contraste avec la prudence d\u2019autres voix et r\u00e9v\u00e8le les fractures internes du Parti r\u00e9publicain et du mouvement MAGA.<\/p>\n\n\n\n

Les \u00c9tats-Unis se trouvent \u00e0 un carrefour d\u00e9cisif : entre la mont\u00e9e des tensions, les choix incertains de Trump, et la pression des faucons, les d\u00e9cisions prises dans les semaines \u00e0 venir pourraient d\u00e9terminer l\u2019avenir du conflit Isra\u00ebl-Iran, la position g\u00e9opolitique des \u00c9tats-Unis, et les chances de paix ou de guerre dans l\u2019une des r\u00e9gions les plus explosives au monde.<\/p>\n","post_title":"Isra\u00ebl contr\u00f4le-t-il l\u2019Am\u00e9rique ? Analyse de l\u2019aveu controvers\u00e9 de Ted Cruz sur l\u2019implication des \u00c9tats-Unis dans les frappes contre l\u2019Iran","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"israel-controle-t-il-lamerique-analyse-de-laveu-controverse-de-ted-cruz-sur-limplication-des-etats-unis-dans-les-frappes-contre-liran","to_ping":"","pinged":"","post_modified":"2025-06-28 10:50:31","post_modified_gmt":"2025-06-28 10:50:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=8094","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7845,"post_author":"7","post_date":"2025-05-25 14:57:07","post_date_gmt":"2025-05-25 14:57:07","post_content":"\n

Un agent \u00e9tranger qatari a vers\u00e9 environ 30 000 dollars aux comit\u00e9s de campagne du s\u00e9nateur Lindsey Graham (R-SC) entre 2020 et 2025. Pendant cette p\u00e9riode, le bureau de Graham a accord\u00e9 un acc\u00e8s important au cabinet de lobbying de cet agent afin de soutenir les int\u00e9r\u00eats du Qatar. Cela comprenait plus de 131 \u00e9changes entre le bureau du s\u00e9nateur et l\u2019agent qatari, ainsi que des r\u00e9unions en personne et des appels t\u00e9l\u00e9phoniques avec Graham lui-m\u00eame.<\/p>\n\n\n\n

Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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\n

Une escalade du conflit Isra\u00ebl-Iran<\/h3>\n\n\n\n

Depuis juin 2025, Isra\u00ebl a intensifi\u00e9 ses attaques contre des cibles militaires iraniennes, notamment le site fortifi\u00e9 de Fordow. L\u2019Iran a r\u00e9pliqu\u00e9 en bombardant des villes isra\u00e9liennes et en lan\u00e7ant des missiles contre des bases et troupes am\u00e9ricaines dans la r\u00e9gion.<\/p>\n\n\n\n

Des projets d\u2019assassinats pr\u00e9sum\u00e9s<\/h3>\n\n\n\n

Des rumeurs font \u00e9tat de tentatives iraniennes d\u2019assassiner Donald Trump, bien que ces all\u00e9gations restent contest\u00e9es. Des responsables isra\u00e9liens ont \u00e9voqu\u00e9 publiquement l\u2019\u00e9limination du guide supr\u00eame iranien, aggravant encore les tensions.<\/p>\n\n\n\n

La posture militaire des \u00c9tats-Unis<\/h3>\n\n\n\n

Les \u00c9tats-Unis ont d\u00e9ploy\u00e9 des navires de guerre et des avions de chasse suppl\u00e9mentaires au Moyen-Orient. Cette mobilisation souligne leur niveau de pr\u00e9paration, alors que le Congr\u00e8s reste divis\u00e9 sur une autorisation formelle d\u2019action militaire.<\/p>\n\n\n\n

Risques li\u00e9s \u00e0 une intervention am\u00e9ricaine<\/h2>\n\n\n\n

Risque d\u2019escalade<\/h3>\n\n\n\n

Une implication directe des \u00c9tats-Unis pourrait transformer le conflit en une guerre r\u00e9gionale, avec des milices pro-iraniennes d\u00e9stabilisant les \u00c9tats voisins. Le risque de repr\u00e9sailles iraniennes contre les troupes ou alli\u00e9s am\u00e9ricains demeure \u00e9lev\u00e9.<\/p>\n\n\n\n

Ambigu\u00eft\u00e9 strat\u00e9gique<\/h3>\n\n\n\n

L\u2019absence de consensus clair au sein du gouvernement am\u00e9ricain et entre ses alli\u00e9s complique les efforts diplomatiques tout en nourrissant les pr\u00e9paratifs militaires.<\/p>\n\n\n\n

Cons\u00e9quences humanitaires<\/h3>\n\n\n\n

Une escalade entra\u00eenerait de lourdes pertes civiles des deux c\u00f4t\u00e9s : morts, bless\u00e9s, d\u00e9placements forc\u00e9s et souffrances humanitaires accrues.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

L\u2019aveu du s\u00e9nateur Ted Cruz concernant le soutien am\u00e9ricain aux frappes isra\u00e9liennes contre l\u2019Iran expose les contradictions de la politique \u00e9trang\u00e8re am\u00e9ricaine. Sa position militariste, teint\u00e9e de convictions religieuses, contraste avec la prudence d\u2019autres voix et r\u00e9v\u00e8le les fractures internes du Parti r\u00e9publicain et du mouvement MAGA.<\/p>\n\n\n\n

Les \u00c9tats-Unis se trouvent \u00e0 un carrefour d\u00e9cisif : entre la mont\u00e9e des tensions, les choix incertains de Trump, et la pression des faucons, les d\u00e9cisions prises dans les semaines \u00e0 venir pourraient d\u00e9terminer l\u2019avenir du conflit Isra\u00ebl-Iran, la position g\u00e9opolitique des \u00c9tats-Unis, et les chances de paix ou de guerre dans l\u2019une des r\u00e9gions les plus explosives au monde.<\/p>\n","post_title":"Isra\u00ebl contr\u00f4le-t-il l\u2019Am\u00e9rique ? Analyse de l\u2019aveu controvers\u00e9 de Ted Cruz sur l\u2019implication des \u00c9tats-Unis dans les frappes contre l\u2019Iran","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"israel-controle-t-il-lamerique-analyse-de-laveu-controverse-de-ted-cruz-sur-limplication-des-etats-unis-dans-les-frappes-contre-liran","to_ping":"","pinged":"","post_modified":"2025-06-28 10:50:31","post_modified_gmt":"2025-06-28 10:50:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=8094","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7845,"post_author":"7","post_date":"2025-05-25 14:57:07","post_date_gmt":"2025-05-25 14:57:07","post_content":"\n

Un agent \u00e9tranger qatari a vers\u00e9 environ 30 000 dollars aux comit\u00e9s de campagne du s\u00e9nateur Lindsey Graham (R-SC) entre 2020 et 2025. Pendant cette p\u00e9riode, le bureau de Graham a accord\u00e9 un acc\u00e8s important au cabinet de lobbying de cet agent afin de soutenir les int\u00e9r\u00eats du Qatar. Cela comprenait plus de 131 \u00e9changes entre le bureau du s\u00e9nateur et l\u2019agent qatari, ainsi que des r\u00e9unions en personne et des appels t\u00e9l\u00e9phoniques avec Graham lui-m\u00eame.<\/p>\n\n\n\n

Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Les derniers d\u00e9veloppements en 2025<\/h2>\n\n\n\n

Une escalade du conflit Isra\u00ebl-Iran<\/h3>\n\n\n\n

Depuis juin 2025, Isra\u00ebl a intensifi\u00e9 ses attaques contre des cibles militaires iraniennes, notamment le site fortifi\u00e9 de Fordow. L\u2019Iran a r\u00e9pliqu\u00e9 en bombardant des villes isra\u00e9liennes et en lan\u00e7ant des missiles contre des bases et troupes am\u00e9ricaines dans la r\u00e9gion.<\/p>\n\n\n\n

Des projets d\u2019assassinats pr\u00e9sum\u00e9s<\/h3>\n\n\n\n

Des rumeurs font \u00e9tat de tentatives iraniennes d\u2019assassiner Donald Trump, bien que ces all\u00e9gations restent contest\u00e9es. Des responsables isra\u00e9liens ont \u00e9voqu\u00e9 publiquement l\u2019\u00e9limination du guide supr\u00eame iranien, aggravant encore les tensions.<\/p>\n\n\n\n

La posture militaire des \u00c9tats-Unis<\/h3>\n\n\n\n

Les \u00c9tats-Unis ont d\u00e9ploy\u00e9 des navires de guerre et des avions de chasse suppl\u00e9mentaires au Moyen-Orient. Cette mobilisation souligne leur niveau de pr\u00e9paration, alors que le Congr\u00e8s reste divis\u00e9 sur une autorisation formelle d\u2019action militaire.<\/p>\n\n\n\n

Risques li\u00e9s \u00e0 une intervention am\u00e9ricaine<\/h2>\n\n\n\n

Risque d\u2019escalade<\/h3>\n\n\n\n

Une implication directe des \u00c9tats-Unis pourrait transformer le conflit en une guerre r\u00e9gionale, avec des milices pro-iraniennes d\u00e9stabilisant les \u00c9tats voisins. Le risque de repr\u00e9sailles iraniennes contre les troupes ou alli\u00e9s am\u00e9ricains demeure \u00e9lev\u00e9.<\/p>\n\n\n\n

Ambigu\u00eft\u00e9 strat\u00e9gique<\/h3>\n\n\n\n

L\u2019absence de consensus clair au sein du gouvernement am\u00e9ricain et entre ses alli\u00e9s complique les efforts diplomatiques tout en nourrissant les pr\u00e9paratifs militaires.<\/p>\n\n\n\n

Cons\u00e9quences humanitaires<\/h3>\n\n\n\n

Une escalade entra\u00eenerait de lourdes pertes civiles des deux c\u00f4t\u00e9s : morts, bless\u00e9s, d\u00e9placements forc\u00e9s et souffrances humanitaires accrues.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

L\u2019aveu du s\u00e9nateur Ted Cruz concernant le soutien am\u00e9ricain aux frappes isra\u00e9liennes contre l\u2019Iran expose les contradictions de la politique \u00e9trang\u00e8re am\u00e9ricaine. Sa position militariste, teint\u00e9e de convictions religieuses, contraste avec la prudence d\u2019autres voix et r\u00e9v\u00e8le les fractures internes du Parti r\u00e9publicain et du mouvement MAGA.<\/p>\n\n\n\n

Les \u00c9tats-Unis se trouvent \u00e0 un carrefour d\u00e9cisif : entre la mont\u00e9e des tensions, les choix incertains de Trump, et la pression des faucons, les d\u00e9cisions prises dans les semaines \u00e0 venir pourraient d\u00e9terminer l\u2019avenir du conflit Isra\u00ebl-Iran, la position g\u00e9opolitique des \u00c9tats-Unis, et les chances de paix ou de guerre dans l\u2019une des r\u00e9gions les plus explosives au monde.<\/p>\n","post_title":"Isra\u00ebl contr\u00f4le-t-il l\u2019Am\u00e9rique ? Analyse de l\u2019aveu controvers\u00e9 de Ted Cruz sur l\u2019implication des \u00c9tats-Unis dans les frappes contre l\u2019Iran","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"israel-controle-t-il-lamerique-analyse-de-laveu-controverse-de-ted-cruz-sur-limplication-des-etats-unis-dans-les-frappes-contre-liran","to_ping":"","pinged":"","post_modified":"2025-06-28 10:50:31","post_modified_gmt":"2025-06-28 10:50:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=8094","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7845,"post_author":"7","post_date":"2025-05-25 14:57:07","post_date_gmt":"2025-05-25 14:57:07","post_content":"\n

Un agent \u00e9tranger qatari a vers\u00e9 environ 30 000 dollars aux comit\u00e9s de campagne du s\u00e9nateur Lindsey Graham (R-SC) entre 2020 et 2025. Pendant cette p\u00e9riode, le bureau de Graham a accord\u00e9 un acc\u00e8s important au cabinet de lobbying de cet agent afin de soutenir les int\u00e9r\u00eats du Qatar. Cela comprenait plus de 131 \u00e9changes entre le bureau du s\u00e9nateur et l\u2019agent qatari, ainsi que des r\u00e9unions en personne et des appels t\u00e9l\u00e9phoniques avec Graham lui-m\u00eame.<\/p>\n\n\n\n

Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

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Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

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Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

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Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

Page 6 of 7 1 … 5 6 7
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Malgr\u00e9 l\u2019enjeu, l\u2019Iran reste mal connu du grand public. En 2020, seulement 23 % des Am\u00e9ricains interrog\u00e9s pouvaient localiser l\u2019Iran sur une carte. Cela met en lumi\u00e8re le d\u00e9calage entre l\u2019opinion publique et la compr\u00e9hension des politiques internationales, et soul\u00e8ve des doutes sur la qualit\u00e9 du d\u00e9bat d\u00e9mocratique autour de l\u2019engagement militaire.<\/p>\n\n\n\n

Les derniers d\u00e9veloppements en 2025<\/h2>\n\n\n\n

Une escalade du conflit Isra\u00ebl-Iran<\/h3>\n\n\n\n

Depuis juin 2025, Isra\u00ebl a intensifi\u00e9 ses attaques contre des cibles militaires iraniennes, notamment le site fortifi\u00e9 de Fordow. L\u2019Iran a r\u00e9pliqu\u00e9 en bombardant des villes isra\u00e9liennes et en lan\u00e7ant des missiles contre des bases et troupes am\u00e9ricaines dans la r\u00e9gion.<\/p>\n\n\n\n

Des projets d\u2019assassinats pr\u00e9sum\u00e9s<\/h3>\n\n\n\n

Des rumeurs font \u00e9tat de tentatives iraniennes d\u2019assassiner Donald Trump, bien que ces all\u00e9gations restent contest\u00e9es. Des responsables isra\u00e9liens ont \u00e9voqu\u00e9 publiquement l\u2019\u00e9limination du guide supr\u00eame iranien, aggravant encore les tensions.<\/p>\n\n\n\n

La posture militaire des \u00c9tats-Unis<\/h3>\n\n\n\n

Les \u00c9tats-Unis ont d\u00e9ploy\u00e9 des navires de guerre et des avions de chasse suppl\u00e9mentaires au Moyen-Orient. Cette mobilisation souligne leur niveau de pr\u00e9paration, alors que le Congr\u00e8s reste divis\u00e9 sur une autorisation formelle d\u2019action militaire.<\/p>\n\n\n\n

Risques li\u00e9s \u00e0 une intervention am\u00e9ricaine<\/h2>\n\n\n\n

Risque d\u2019escalade<\/h3>\n\n\n\n

Une implication directe des \u00c9tats-Unis pourrait transformer le conflit en une guerre r\u00e9gionale, avec des milices pro-iraniennes d\u00e9stabilisant les \u00c9tats voisins. Le risque de repr\u00e9sailles iraniennes contre les troupes ou alli\u00e9s am\u00e9ricains demeure \u00e9lev\u00e9.<\/p>\n\n\n\n

Ambigu\u00eft\u00e9 strat\u00e9gique<\/h3>\n\n\n\n

L\u2019absence de consensus clair au sein du gouvernement am\u00e9ricain et entre ses alli\u00e9s complique les efforts diplomatiques tout en nourrissant les pr\u00e9paratifs militaires.<\/p>\n\n\n\n

Cons\u00e9quences humanitaires<\/h3>\n\n\n\n

Une escalade entra\u00eenerait de lourdes pertes civiles des deux c\u00f4t\u00e9s : morts, bless\u00e9s, d\u00e9placements forc\u00e9s et souffrances humanitaires accrues.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

L\u2019aveu du s\u00e9nateur Ted Cruz concernant le soutien am\u00e9ricain aux frappes isra\u00e9liennes contre l\u2019Iran expose les contradictions de la politique \u00e9trang\u00e8re am\u00e9ricaine. Sa position militariste, teint\u00e9e de convictions religieuses, contraste avec la prudence d\u2019autres voix et r\u00e9v\u00e8le les fractures internes du Parti r\u00e9publicain et du mouvement MAGA.<\/p>\n\n\n\n

Les \u00c9tats-Unis se trouvent \u00e0 un carrefour d\u00e9cisif : entre la mont\u00e9e des tensions, les choix incertains de Trump, et la pression des faucons, les d\u00e9cisions prises dans les semaines \u00e0 venir pourraient d\u00e9terminer l\u2019avenir du conflit Isra\u00ebl-Iran, la position g\u00e9opolitique des \u00c9tats-Unis, et les chances de paix ou de guerre dans l\u2019une des r\u00e9gions les plus explosives au monde.<\/p>\n","post_title":"Isra\u00ebl contr\u00f4le-t-il l\u2019Am\u00e9rique ? Analyse de l\u2019aveu controvers\u00e9 de Ted Cruz sur l\u2019implication des \u00c9tats-Unis dans les frappes contre l\u2019Iran","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"israel-controle-t-il-lamerique-analyse-de-laveu-controverse-de-ted-cruz-sur-limplication-des-etats-unis-dans-les-frappes-contre-liran","to_ping":"","pinged":"","post_modified":"2025-06-28 10:50:31","post_modified_gmt":"2025-06-28 10:50:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=8094","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7845,"post_author":"7","post_date":"2025-05-25 14:57:07","post_date_gmt":"2025-05-25 14:57:07","post_content":"\n

Un agent \u00e9tranger qatari a vers\u00e9 environ 30 000 dollars aux comit\u00e9s de campagne du s\u00e9nateur Lindsey Graham (R-SC) entre 2020 et 2025. Pendant cette p\u00e9riode, le bureau de Graham a accord\u00e9 un acc\u00e8s important au cabinet de lobbying de cet agent afin de soutenir les int\u00e9r\u00eats du Qatar. Cela comprenait plus de 131 \u00e9changes entre le bureau du s\u00e9nateur et l\u2019agent qatari, ainsi que des r\u00e9unions en personne et des appels t\u00e9l\u00e9phoniques avec Graham lui-m\u00eame.<\/p>\n\n\n\n

Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

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Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

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Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

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Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

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Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

Page 6 of 7 1 … 5 6 7
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Une ignorance largement r\u00e9pandue<\/h3>\n\n\n\n

Malgr\u00e9 l\u2019enjeu, l\u2019Iran reste mal connu du grand public. En 2020, seulement 23 % des Am\u00e9ricains interrog\u00e9s pouvaient localiser l\u2019Iran sur une carte. Cela met en lumi\u00e8re le d\u00e9calage entre l\u2019opinion publique et la compr\u00e9hension des politiques internationales, et soul\u00e8ve des doutes sur la qualit\u00e9 du d\u00e9bat d\u00e9mocratique autour de l\u2019engagement militaire.<\/p>\n\n\n\n

Les derniers d\u00e9veloppements en 2025<\/h2>\n\n\n\n

Une escalade du conflit Isra\u00ebl-Iran<\/h3>\n\n\n\n

Depuis juin 2025, Isra\u00ebl a intensifi\u00e9 ses attaques contre des cibles militaires iraniennes, notamment le site fortifi\u00e9 de Fordow. L\u2019Iran a r\u00e9pliqu\u00e9 en bombardant des villes isra\u00e9liennes et en lan\u00e7ant des missiles contre des bases et troupes am\u00e9ricaines dans la r\u00e9gion.<\/p>\n\n\n\n

Des projets d\u2019assassinats pr\u00e9sum\u00e9s<\/h3>\n\n\n\n

Des rumeurs font \u00e9tat de tentatives iraniennes d\u2019assassiner Donald Trump, bien que ces all\u00e9gations restent contest\u00e9es. Des responsables isra\u00e9liens ont \u00e9voqu\u00e9 publiquement l\u2019\u00e9limination du guide supr\u00eame iranien, aggravant encore les tensions.<\/p>\n\n\n\n

La posture militaire des \u00c9tats-Unis<\/h3>\n\n\n\n

Les \u00c9tats-Unis ont d\u00e9ploy\u00e9 des navires de guerre et des avions de chasse suppl\u00e9mentaires au Moyen-Orient. Cette mobilisation souligne leur niveau de pr\u00e9paration, alors que le Congr\u00e8s reste divis\u00e9 sur une autorisation formelle d\u2019action militaire.<\/p>\n\n\n\n

Risques li\u00e9s \u00e0 une intervention am\u00e9ricaine<\/h2>\n\n\n\n

Risque d\u2019escalade<\/h3>\n\n\n\n

Une implication directe des \u00c9tats-Unis pourrait transformer le conflit en une guerre r\u00e9gionale, avec des milices pro-iraniennes d\u00e9stabilisant les \u00c9tats voisins. Le risque de repr\u00e9sailles iraniennes contre les troupes ou alli\u00e9s am\u00e9ricains demeure \u00e9lev\u00e9.<\/p>\n\n\n\n

Ambigu\u00eft\u00e9 strat\u00e9gique<\/h3>\n\n\n\n

L\u2019absence de consensus clair au sein du gouvernement am\u00e9ricain et entre ses alli\u00e9s complique les efforts diplomatiques tout en nourrissant les pr\u00e9paratifs militaires.<\/p>\n\n\n\n

Cons\u00e9quences humanitaires<\/h3>\n\n\n\n

Une escalade entra\u00eenerait de lourdes pertes civiles des deux c\u00f4t\u00e9s : morts, bless\u00e9s, d\u00e9placements forc\u00e9s et souffrances humanitaires accrues.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

L\u2019aveu du s\u00e9nateur Ted Cruz concernant le soutien am\u00e9ricain aux frappes isra\u00e9liennes contre l\u2019Iran expose les contradictions de la politique \u00e9trang\u00e8re am\u00e9ricaine. Sa position militariste, teint\u00e9e de convictions religieuses, contraste avec la prudence d\u2019autres voix et r\u00e9v\u00e8le les fractures internes du Parti r\u00e9publicain et du mouvement MAGA.<\/p>\n\n\n\n

Les \u00c9tats-Unis se trouvent \u00e0 un carrefour d\u00e9cisif : entre la mont\u00e9e des tensions, les choix incertains de Trump, et la pression des faucons, les d\u00e9cisions prises dans les semaines \u00e0 venir pourraient d\u00e9terminer l\u2019avenir du conflit Isra\u00ebl-Iran, la position g\u00e9opolitique des \u00c9tats-Unis, et les chances de paix ou de guerre dans l\u2019une des r\u00e9gions les plus explosives au monde.<\/p>\n","post_title":"Isra\u00ebl contr\u00f4le-t-il l\u2019Am\u00e9rique ? Analyse de l\u2019aveu controvers\u00e9 de Ted Cruz sur l\u2019implication des \u00c9tats-Unis dans les frappes contre l\u2019Iran","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"israel-controle-t-il-lamerique-analyse-de-laveu-controverse-de-ted-cruz-sur-limplication-des-etats-unis-dans-les-frappes-contre-liran","to_ping":"","pinged":"","post_modified":"2025-06-28 10:50:31","post_modified_gmt":"2025-06-28 10:50:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=8094","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7845,"post_author":"7","post_date":"2025-05-25 14:57:07","post_date_gmt":"2025-05-25 14:57:07","post_content":"\n

Un agent \u00e9tranger qatari a vers\u00e9 environ 30 000 dollars aux comit\u00e9s de campagne du s\u00e9nateur Lindsey Graham (R-SC) entre 2020 et 2025. Pendant cette p\u00e9riode, le bureau de Graham a accord\u00e9 un acc\u00e8s important au cabinet de lobbying de cet agent afin de soutenir les int\u00e9r\u00eats du Qatar. Cela comprenait plus de 131 \u00e9changes entre le bureau du s\u00e9nateur et l\u2019agent qatari, ainsi que des r\u00e9unions en personne et des appels t\u00e9l\u00e9phoniques avec Graham lui-m\u00eame.<\/p>\n\n\n\n

Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

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Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

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Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

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Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

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Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

Page 6 of 7 1 … 5 6 7
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La compr\u00e9hension du public et ses limites<\/h2>\n\n\n\n

Une ignorance largement r\u00e9pandue<\/h3>\n\n\n\n

Malgr\u00e9 l\u2019enjeu, l\u2019Iran reste mal connu du grand public. En 2020, seulement 23 % des Am\u00e9ricains interrog\u00e9s pouvaient localiser l\u2019Iran sur une carte. Cela met en lumi\u00e8re le d\u00e9calage entre l\u2019opinion publique et la compr\u00e9hension des politiques internationales, et soul\u00e8ve des doutes sur la qualit\u00e9 du d\u00e9bat d\u00e9mocratique autour de l\u2019engagement militaire.<\/p>\n\n\n\n

Les derniers d\u00e9veloppements en 2025<\/h2>\n\n\n\n

Une escalade du conflit Isra\u00ebl-Iran<\/h3>\n\n\n\n

Depuis juin 2025, Isra\u00ebl a intensifi\u00e9 ses attaques contre des cibles militaires iraniennes, notamment le site fortifi\u00e9 de Fordow. L\u2019Iran a r\u00e9pliqu\u00e9 en bombardant des villes isra\u00e9liennes et en lan\u00e7ant des missiles contre des bases et troupes am\u00e9ricaines dans la r\u00e9gion.<\/p>\n\n\n\n

Des projets d\u2019assassinats pr\u00e9sum\u00e9s<\/h3>\n\n\n\n

Des rumeurs font \u00e9tat de tentatives iraniennes d\u2019assassiner Donald Trump, bien que ces all\u00e9gations restent contest\u00e9es. Des responsables isra\u00e9liens ont \u00e9voqu\u00e9 publiquement l\u2019\u00e9limination du guide supr\u00eame iranien, aggravant encore les tensions.<\/p>\n\n\n\n

La posture militaire des \u00c9tats-Unis<\/h3>\n\n\n\n

Les \u00c9tats-Unis ont d\u00e9ploy\u00e9 des navires de guerre et des avions de chasse suppl\u00e9mentaires au Moyen-Orient. Cette mobilisation souligne leur niveau de pr\u00e9paration, alors que le Congr\u00e8s reste divis\u00e9 sur une autorisation formelle d\u2019action militaire.<\/p>\n\n\n\n

Risques li\u00e9s \u00e0 une intervention am\u00e9ricaine<\/h2>\n\n\n\n

Risque d\u2019escalade<\/h3>\n\n\n\n

Une implication directe des \u00c9tats-Unis pourrait transformer le conflit en une guerre r\u00e9gionale, avec des milices pro-iraniennes d\u00e9stabilisant les \u00c9tats voisins. Le risque de repr\u00e9sailles iraniennes contre les troupes ou alli\u00e9s am\u00e9ricains demeure \u00e9lev\u00e9.<\/p>\n\n\n\n

Ambigu\u00eft\u00e9 strat\u00e9gique<\/h3>\n\n\n\n

L\u2019absence de consensus clair au sein du gouvernement am\u00e9ricain et entre ses alli\u00e9s complique les efforts diplomatiques tout en nourrissant les pr\u00e9paratifs militaires.<\/p>\n\n\n\n

Cons\u00e9quences humanitaires<\/h3>\n\n\n\n

Une escalade entra\u00eenerait de lourdes pertes civiles des deux c\u00f4t\u00e9s : morts, bless\u00e9s, d\u00e9placements forc\u00e9s et souffrances humanitaires accrues.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

L\u2019aveu du s\u00e9nateur Ted Cruz concernant le soutien am\u00e9ricain aux frappes isra\u00e9liennes contre l\u2019Iran expose les contradictions de la politique \u00e9trang\u00e8re am\u00e9ricaine. Sa position militariste, teint\u00e9e de convictions religieuses, contraste avec la prudence d\u2019autres voix et r\u00e9v\u00e8le les fractures internes du Parti r\u00e9publicain et du mouvement MAGA.<\/p>\n\n\n\n

Les \u00c9tats-Unis se trouvent \u00e0 un carrefour d\u00e9cisif : entre la mont\u00e9e des tensions, les choix incertains de Trump, et la pression des faucons, les d\u00e9cisions prises dans les semaines \u00e0 venir pourraient d\u00e9terminer l\u2019avenir du conflit Isra\u00ebl-Iran, la position g\u00e9opolitique des \u00c9tats-Unis, et les chances de paix ou de guerre dans l\u2019une des r\u00e9gions les plus explosives au monde.<\/p>\n","post_title":"Isra\u00ebl contr\u00f4le-t-il l\u2019Am\u00e9rique ? Analyse de l\u2019aveu controvers\u00e9 de Ted Cruz sur l\u2019implication des \u00c9tats-Unis dans les frappes contre l\u2019Iran","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"israel-controle-t-il-lamerique-analyse-de-laveu-controverse-de-ted-cruz-sur-limplication-des-etats-unis-dans-les-frappes-contre-liran","to_ping":"","pinged":"","post_modified":"2025-06-28 10:50:31","post_modified_gmt":"2025-06-28 10:50:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=8094","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7845,"post_author":"7","post_date":"2025-05-25 14:57:07","post_date_gmt":"2025-05-25 14:57:07","post_content":"\n

Un agent \u00e9tranger qatari a vers\u00e9 environ 30 000 dollars aux comit\u00e9s de campagne du s\u00e9nateur Lindsey Graham (R-SC) entre 2020 et 2025. Pendant cette p\u00e9riode, le bureau de Graham a accord\u00e9 un acc\u00e8s important au cabinet de lobbying de cet agent afin de soutenir les int\u00e9r\u00eats du Qatar. Cela comprenait plus de 131 \u00e9changes entre le bureau du s\u00e9nateur et l\u2019agent qatari, ainsi que des r\u00e9unions en personne et des appels t\u00e9l\u00e9phoniques avec Graham lui-m\u00eame.<\/p>\n\n\n\n

Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

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Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

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Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

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Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

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Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Le pr\u00e9sident Trump lui-m\u00eame reste ind\u00e9cis. Il envisage, entre autres, de fournir \u00e0 Isra\u00ebl une bombe anti-bunker pour d\u00e9truire les installations nucl\u00e9aires enterr\u00e9es de l\u2019Iran, tout en d\u00e9clarant publiquement : \u00ab Je le ferai peut-\u00eatre, ou peut-\u00eatre pas. \u00bb Cette position refl\u00e8te les d\u00e9bats internes au sein de son \u00e9quipe. Trump a par ailleurs rejet\u00e9 les critiques de Carlson sur Cruz en les qualifiant de \u00ab loufoques \u00bb, illustrant la complexit\u00e9 des rapports de force dans son entourage.<\/p>\n\n\n\n

La compr\u00e9hension du public et ses limites<\/h2>\n\n\n\n

Une ignorance largement r\u00e9pandue<\/h3>\n\n\n\n

Malgr\u00e9 l\u2019enjeu, l\u2019Iran reste mal connu du grand public. En 2020, seulement 23 % des Am\u00e9ricains interrog\u00e9s pouvaient localiser l\u2019Iran sur une carte. Cela met en lumi\u00e8re le d\u00e9calage entre l\u2019opinion publique et la compr\u00e9hension des politiques internationales, et soul\u00e8ve des doutes sur la qualit\u00e9 du d\u00e9bat d\u00e9mocratique autour de l\u2019engagement militaire.<\/p>\n\n\n\n

Les derniers d\u00e9veloppements en 2025<\/h2>\n\n\n\n

Une escalade du conflit Isra\u00ebl-Iran<\/h3>\n\n\n\n

Depuis juin 2025, Isra\u00ebl a intensifi\u00e9 ses attaques contre des cibles militaires iraniennes, notamment le site fortifi\u00e9 de Fordow. L\u2019Iran a r\u00e9pliqu\u00e9 en bombardant des villes isra\u00e9liennes et en lan\u00e7ant des missiles contre des bases et troupes am\u00e9ricaines dans la r\u00e9gion.<\/p>\n\n\n\n

Des projets d\u2019assassinats pr\u00e9sum\u00e9s<\/h3>\n\n\n\n

Des rumeurs font \u00e9tat de tentatives iraniennes d\u2019assassiner Donald Trump, bien que ces all\u00e9gations restent contest\u00e9es. Des responsables isra\u00e9liens ont \u00e9voqu\u00e9 publiquement l\u2019\u00e9limination du guide supr\u00eame iranien, aggravant encore les tensions.<\/p>\n\n\n\n

La posture militaire des \u00c9tats-Unis<\/h3>\n\n\n\n

Les \u00c9tats-Unis ont d\u00e9ploy\u00e9 des navires de guerre et des avions de chasse suppl\u00e9mentaires au Moyen-Orient. Cette mobilisation souligne leur niveau de pr\u00e9paration, alors que le Congr\u00e8s reste divis\u00e9 sur une autorisation formelle d\u2019action militaire.<\/p>\n\n\n\n

Risques li\u00e9s \u00e0 une intervention am\u00e9ricaine<\/h2>\n\n\n\n

Risque d\u2019escalade<\/h3>\n\n\n\n

Une implication directe des \u00c9tats-Unis pourrait transformer le conflit en une guerre r\u00e9gionale, avec des milices pro-iraniennes d\u00e9stabilisant les \u00c9tats voisins. Le risque de repr\u00e9sailles iraniennes contre les troupes ou alli\u00e9s am\u00e9ricains demeure \u00e9lev\u00e9.<\/p>\n\n\n\n

Ambigu\u00eft\u00e9 strat\u00e9gique<\/h3>\n\n\n\n

L\u2019absence de consensus clair au sein du gouvernement am\u00e9ricain et entre ses alli\u00e9s complique les efforts diplomatiques tout en nourrissant les pr\u00e9paratifs militaires.<\/p>\n\n\n\n

Cons\u00e9quences humanitaires<\/h3>\n\n\n\n

Une escalade entra\u00eenerait de lourdes pertes civiles des deux c\u00f4t\u00e9s : morts, bless\u00e9s, d\u00e9placements forc\u00e9s et souffrances humanitaires accrues.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

L\u2019aveu du s\u00e9nateur Ted Cruz concernant le soutien am\u00e9ricain aux frappes isra\u00e9liennes contre l\u2019Iran expose les contradictions de la politique \u00e9trang\u00e8re am\u00e9ricaine. Sa position militariste, teint\u00e9e de convictions religieuses, contraste avec la prudence d\u2019autres voix et r\u00e9v\u00e8le les fractures internes du Parti r\u00e9publicain et du mouvement MAGA.<\/p>\n\n\n\n

Les \u00c9tats-Unis se trouvent \u00e0 un carrefour d\u00e9cisif : entre la mont\u00e9e des tensions, les choix incertains de Trump, et la pression des faucons, les d\u00e9cisions prises dans les semaines \u00e0 venir pourraient d\u00e9terminer l\u2019avenir du conflit Isra\u00ebl-Iran, la position g\u00e9opolitique des \u00c9tats-Unis, et les chances de paix ou de guerre dans l\u2019une des r\u00e9gions les plus explosives au monde.<\/p>\n","post_title":"Isra\u00ebl contr\u00f4le-t-il l\u2019Am\u00e9rique ? Analyse de l\u2019aveu controvers\u00e9 de Ted Cruz sur l\u2019implication des \u00c9tats-Unis dans les frappes contre l\u2019Iran","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"israel-controle-t-il-lamerique-analyse-de-laveu-controverse-de-ted-cruz-sur-limplication-des-etats-unis-dans-les-frappes-contre-liran","to_ping":"","pinged":"","post_modified":"2025-06-28 10:50:31","post_modified_gmt":"2025-06-28 10:50:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=8094","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7845,"post_author":"7","post_date":"2025-05-25 14:57:07","post_date_gmt":"2025-05-25 14:57:07","post_content":"\n

Un agent \u00e9tranger qatari a vers\u00e9 environ 30 000 dollars aux comit\u00e9s de campagne du s\u00e9nateur Lindsey Graham (R-SC) entre 2020 et 2025. Pendant cette p\u00e9riode, le bureau de Graham a accord\u00e9 un acc\u00e8s important au cabinet de lobbying de cet agent afin de soutenir les int\u00e9r\u00eats du Qatar. Cela comprenait plus de 131 \u00e9changes entre le bureau du s\u00e9nateur et l\u2019agent qatari, ainsi que des r\u00e9unions en personne et des appels t\u00e9l\u00e9phoniques avec Graham lui-m\u00eame.<\/p>\n\n\n\n

Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

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Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

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Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

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Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

Page 6 of 7 1 … 5 6 7
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L\u2019ambigu\u00eft\u00e9 de Trump<\/h3>\n\n\n\n

Le pr\u00e9sident Trump lui-m\u00eame reste ind\u00e9cis. Il envisage, entre autres, de fournir \u00e0 Isra\u00ebl une bombe anti-bunker pour d\u00e9truire les installations nucl\u00e9aires enterr\u00e9es de l\u2019Iran, tout en d\u00e9clarant publiquement : \u00ab Je le ferai peut-\u00eatre, ou peut-\u00eatre pas. \u00bb Cette position refl\u00e8te les d\u00e9bats internes au sein de son \u00e9quipe. Trump a par ailleurs rejet\u00e9 les critiques de Carlson sur Cruz en les qualifiant de \u00ab loufoques \u00bb, illustrant la complexit\u00e9 des rapports de force dans son entourage.<\/p>\n\n\n\n

La compr\u00e9hension du public et ses limites<\/h2>\n\n\n\n

Une ignorance largement r\u00e9pandue<\/h3>\n\n\n\n

Malgr\u00e9 l\u2019enjeu, l\u2019Iran reste mal connu du grand public. En 2020, seulement 23 % des Am\u00e9ricains interrog\u00e9s pouvaient localiser l\u2019Iran sur une carte. Cela met en lumi\u00e8re le d\u00e9calage entre l\u2019opinion publique et la compr\u00e9hension des politiques internationales, et soul\u00e8ve des doutes sur la qualit\u00e9 du d\u00e9bat d\u00e9mocratique autour de l\u2019engagement militaire.<\/p>\n\n\n\n

Les derniers d\u00e9veloppements en 2025<\/h2>\n\n\n\n

Une escalade du conflit Isra\u00ebl-Iran<\/h3>\n\n\n\n

Depuis juin 2025, Isra\u00ebl a intensifi\u00e9 ses attaques contre des cibles militaires iraniennes, notamment le site fortifi\u00e9 de Fordow. L\u2019Iran a r\u00e9pliqu\u00e9 en bombardant des villes isra\u00e9liennes et en lan\u00e7ant des missiles contre des bases et troupes am\u00e9ricaines dans la r\u00e9gion.<\/p>\n\n\n\n

Des projets d\u2019assassinats pr\u00e9sum\u00e9s<\/h3>\n\n\n\n

Des rumeurs font \u00e9tat de tentatives iraniennes d\u2019assassiner Donald Trump, bien que ces all\u00e9gations restent contest\u00e9es. Des responsables isra\u00e9liens ont \u00e9voqu\u00e9 publiquement l\u2019\u00e9limination du guide supr\u00eame iranien, aggravant encore les tensions.<\/p>\n\n\n\n

La posture militaire des \u00c9tats-Unis<\/h3>\n\n\n\n

Les \u00c9tats-Unis ont d\u00e9ploy\u00e9 des navires de guerre et des avions de chasse suppl\u00e9mentaires au Moyen-Orient. Cette mobilisation souligne leur niveau de pr\u00e9paration, alors que le Congr\u00e8s reste divis\u00e9 sur une autorisation formelle d\u2019action militaire.<\/p>\n\n\n\n

Risques li\u00e9s \u00e0 une intervention am\u00e9ricaine<\/h2>\n\n\n\n

Risque d\u2019escalade<\/h3>\n\n\n\n

Une implication directe des \u00c9tats-Unis pourrait transformer le conflit en une guerre r\u00e9gionale, avec des milices pro-iraniennes d\u00e9stabilisant les \u00c9tats voisins. Le risque de repr\u00e9sailles iraniennes contre les troupes ou alli\u00e9s am\u00e9ricains demeure \u00e9lev\u00e9.<\/p>\n\n\n\n

Ambigu\u00eft\u00e9 strat\u00e9gique<\/h3>\n\n\n\n

L\u2019absence de consensus clair au sein du gouvernement am\u00e9ricain et entre ses alli\u00e9s complique les efforts diplomatiques tout en nourrissant les pr\u00e9paratifs militaires.<\/p>\n\n\n\n

Cons\u00e9quences humanitaires<\/h3>\n\n\n\n

Une escalade entra\u00eenerait de lourdes pertes civiles des deux c\u00f4t\u00e9s : morts, bless\u00e9s, d\u00e9placements forc\u00e9s et souffrances humanitaires accrues.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

L\u2019aveu du s\u00e9nateur Ted Cruz concernant le soutien am\u00e9ricain aux frappes isra\u00e9liennes contre l\u2019Iran expose les contradictions de la politique \u00e9trang\u00e8re am\u00e9ricaine. Sa position militariste, teint\u00e9e de convictions religieuses, contraste avec la prudence d\u2019autres voix et r\u00e9v\u00e8le les fractures internes du Parti r\u00e9publicain et du mouvement MAGA.<\/p>\n\n\n\n

Les \u00c9tats-Unis se trouvent \u00e0 un carrefour d\u00e9cisif : entre la mont\u00e9e des tensions, les choix incertains de Trump, et la pression des faucons, les d\u00e9cisions prises dans les semaines \u00e0 venir pourraient d\u00e9terminer l\u2019avenir du conflit Isra\u00ebl-Iran, la position g\u00e9opolitique des \u00c9tats-Unis, et les chances de paix ou de guerre dans l\u2019une des r\u00e9gions les plus explosives au monde.<\/p>\n","post_title":"Isra\u00ebl contr\u00f4le-t-il l\u2019Am\u00e9rique ? Analyse de l\u2019aveu controvers\u00e9 de Ted Cruz sur l\u2019implication des \u00c9tats-Unis dans les frappes contre l\u2019Iran","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"israel-controle-t-il-lamerique-analyse-de-laveu-controverse-de-ted-cruz-sur-limplication-des-etats-unis-dans-les-frappes-contre-liran","to_ping":"","pinged":"","post_modified":"2025-06-28 10:50:31","post_modified_gmt":"2025-06-28 10:50:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=8094","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7845,"post_author":"7","post_date":"2025-05-25 14:57:07","post_date_gmt":"2025-05-25 14:57:07","post_content":"\n

Un agent \u00e9tranger qatari a vers\u00e9 environ 30 000 dollars aux comit\u00e9s de campagne du s\u00e9nateur Lindsey Graham (R-SC) entre 2020 et 2025. Pendant cette p\u00e9riode, le bureau de Graham a accord\u00e9 un acc\u00e8s important au cabinet de lobbying de cet agent afin de soutenir les int\u00e9r\u00eats du Qatar. Cela comprenait plus de 131 \u00e9changes entre le bureau du s\u00e9nateur et l\u2019agent qatari, ainsi que des r\u00e9unions en personne et des appels t\u00e9l\u00e9phoniques avec Graham lui-m\u00eame.<\/p>\n\n\n\n

Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

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Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

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Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

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Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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La position belliciste de Cruz s\u2019oppose \u00e0 la prudence exprim\u00e9e par d\u2019autres r\u00e9publicains, y compris au Texas. L\u00e0 o\u00f9 Cruz appelle au changement de r\u00e9gime, d\u2019autres pr\u00f4nent la diplomatie et mettent en garde contre une nouvelle guerre sans fin. Steve Bannon, ancien strat\u00e8ge de Trump, a critiqu\u00e9 les interventions \u00e0 l\u2019\u00e9tranger, estimant qu\u2019elles affaiblissent la coalition MAGA et d\u00e9tournent l\u2019attention des priorit\u00e9s int\u00e9rieures.<\/p>\n\n\n\n

L\u2019ambigu\u00eft\u00e9 de Trump<\/h3>\n\n\n\n

Le pr\u00e9sident Trump lui-m\u00eame reste ind\u00e9cis. Il envisage, entre autres, de fournir \u00e0 Isra\u00ebl une bombe anti-bunker pour d\u00e9truire les installations nucl\u00e9aires enterr\u00e9es de l\u2019Iran, tout en d\u00e9clarant publiquement : \u00ab Je le ferai peut-\u00eatre, ou peut-\u00eatre pas. \u00bb Cette position refl\u00e8te les d\u00e9bats internes au sein de son \u00e9quipe. Trump a par ailleurs rejet\u00e9 les critiques de Carlson sur Cruz en les qualifiant de \u00ab loufoques \u00bb, illustrant la complexit\u00e9 des rapports de force dans son entourage.<\/p>\n\n\n\n

La compr\u00e9hension du public et ses limites<\/h2>\n\n\n\n

Une ignorance largement r\u00e9pandue<\/h3>\n\n\n\n

Malgr\u00e9 l\u2019enjeu, l\u2019Iran reste mal connu du grand public. En 2020, seulement 23 % des Am\u00e9ricains interrog\u00e9s pouvaient localiser l\u2019Iran sur une carte. Cela met en lumi\u00e8re le d\u00e9calage entre l\u2019opinion publique et la compr\u00e9hension des politiques internationales, et soul\u00e8ve des doutes sur la qualit\u00e9 du d\u00e9bat d\u00e9mocratique autour de l\u2019engagement militaire.<\/p>\n\n\n\n

Les derniers d\u00e9veloppements en 2025<\/h2>\n\n\n\n

Une escalade du conflit Isra\u00ebl-Iran<\/h3>\n\n\n\n

Depuis juin 2025, Isra\u00ebl a intensifi\u00e9 ses attaques contre des cibles militaires iraniennes, notamment le site fortifi\u00e9 de Fordow. L\u2019Iran a r\u00e9pliqu\u00e9 en bombardant des villes isra\u00e9liennes et en lan\u00e7ant des missiles contre des bases et troupes am\u00e9ricaines dans la r\u00e9gion.<\/p>\n\n\n\n

Des projets d\u2019assassinats pr\u00e9sum\u00e9s<\/h3>\n\n\n\n

Des rumeurs font \u00e9tat de tentatives iraniennes d\u2019assassiner Donald Trump, bien que ces all\u00e9gations restent contest\u00e9es. Des responsables isra\u00e9liens ont \u00e9voqu\u00e9 publiquement l\u2019\u00e9limination du guide supr\u00eame iranien, aggravant encore les tensions.<\/p>\n\n\n\n

La posture militaire des \u00c9tats-Unis<\/h3>\n\n\n\n

Les \u00c9tats-Unis ont d\u00e9ploy\u00e9 des navires de guerre et des avions de chasse suppl\u00e9mentaires au Moyen-Orient. Cette mobilisation souligne leur niveau de pr\u00e9paration, alors que le Congr\u00e8s reste divis\u00e9 sur une autorisation formelle d\u2019action militaire.<\/p>\n\n\n\n

Risques li\u00e9s \u00e0 une intervention am\u00e9ricaine<\/h2>\n\n\n\n

Risque d\u2019escalade<\/h3>\n\n\n\n

Une implication directe des \u00c9tats-Unis pourrait transformer le conflit en une guerre r\u00e9gionale, avec des milices pro-iraniennes d\u00e9stabilisant les \u00c9tats voisins. Le risque de repr\u00e9sailles iraniennes contre les troupes ou alli\u00e9s am\u00e9ricains demeure \u00e9lev\u00e9.<\/p>\n\n\n\n

Ambigu\u00eft\u00e9 strat\u00e9gique<\/h3>\n\n\n\n

L\u2019absence de consensus clair au sein du gouvernement am\u00e9ricain et entre ses alli\u00e9s complique les efforts diplomatiques tout en nourrissant les pr\u00e9paratifs militaires.<\/p>\n\n\n\n

Cons\u00e9quences humanitaires<\/h3>\n\n\n\n

Une escalade entra\u00eenerait de lourdes pertes civiles des deux c\u00f4t\u00e9s : morts, bless\u00e9s, d\u00e9placements forc\u00e9s et souffrances humanitaires accrues.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

L\u2019aveu du s\u00e9nateur Ted Cruz concernant le soutien am\u00e9ricain aux frappes isra\u00e9liennes contre l\u2019Iran expose les contradictions de la politique \u00e9trang\u00e8re am\u00e9ricaine. Sa position militariste, teint\u00e9e de convictions religieuses, contraste avec la prudence d\u2019autres voix et r\u00e9v\u00e8le les fractures internes du Parti r\u00e9publicain et du mouvement MAGA.<\/p>\n\n\n\n

Les \u00c9tats-Unis se trouvent \u00e0 un carrefour d\u00e9cisif : entre la mont\u00e9e des tensions, les choix incertains de Trump, et la pression des faucons, les d\u00e9cisions prises dans les semaines \u00e0 venir pourraient d\u00e9terminer l\u2019avenir du conflit Isra\u00ebl-Iran, la position g\u00e9opolitique des \u00c9tats-Unis, et les chances de paix ou de guerre dans l\u2019une des r\u00e9gions les plus explosives au monde.<\/p>\n","post_title":"Isra\u00ebl contr\u00f4le-t-il l\u2019Am\u00e9rique ? Analyse de l\u2019aveu controvers\u00e9 de Ted Cruz sur l\u2019implication des \u00c9tats-Unis dans les frappes contre l\u2019Iran","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"israel-controle-t-il-lamerique-analyse-de-laveu-controverse-de-ted-cruz-sur-limplication-des-etats-unis-dans-les-frappes-contre-liran","to_ping":"","pinged":"","post_modified":"2025-06-28 10:50:31","post_modified_gmt":"2025-06-28 10:50:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=8094","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7845,"post_author":"7","post_date":"2025-05-25 14:57:07","post_date_gmt":"2025-05-25 14:57:07","post_content":"\n

Un agent \u00e9tranger qatari a vers\u00e9 environ 30 000 dollars aux comit\u00e9s de campagne du s\u00e9nateur Lindsey Graham (R-SC) entre 2020 et 2025. Pendant cette p\u00e9riode, le bureau de Graham a accord\u00e9 un acc\u00e8s important au cabinet de lobbying de cet agent afin de soutenir les int\u00e9r\u00eats du Qatar. Cela comprenait plus de 131 \u00e9changes entre le bureau du s\u00e9nateur et l\u2019agent qatari, ainsi que des r\u00e9unions en personne et des appels t\u00e9l\u00e9phoniques avec Graham lui-m\u00eame.<\/p>\n\n\n\n

Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

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Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

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Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

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Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

Page 6 of 7 1 … 5 6 7
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Une fracture au sein du Parti r\u00e9publicain<\/h3>\n\n\n\n

La position belliciste de Cruz s\u2019oppose \u00e0 la prudence exprim\u00e9e par d\u2019autres r\u00e9publicains, y compris au Texas. L\u00e0 o\u00f9 Cruz appelle au changement de r\u00e9gime, d\u2019autres pr\u00f4nent la diplomatie et mettent en garde contre une nouvelle guerre sans fin. Steve Bannon, ancien strat\u00e8ge de Trump, a critiqu\u00e9 les interventions \u00e0 l\u2019\u00e9tranger, estimant qu\u2019elles affaiblissent la coalition MAGA et d\u00e9tournent l\u2019attention des priorit\u00e9s int\u00e9rieures.<\/p>\n\n\n\n

L\u2019ambigu\u00eft\u00e9 de Trump<\/h3>\n\n\n\n

Le pr\u00e9sident Trump lui-m\u00eame reste ind\u00e9cis. Il envisage, entre autres, de fournir \u00e0 Isra\u00ebl une bombe anti-bunker pour d\u00e9truire les installations nucl\u00e9aires enterr\u00e9es de l\u2019Iran, tout en d\u00e9clarant publiquement : \u00ab Je le ferai peut-\u00eatre, ou peut-\u00eatre pas. \u00bb Cette position refl\u00e8te les d\u00e9bats internes au sein de son \u00e9quipe. Trump a par ailleurs rejet\u00e9 les critiques de Carlson sur Cruz en les qualifiant de \u00ab loufoques \u00bb, illustrant la complexit\u00e9 des rapports de force dans son entourage.<\/p>\n\n\n\n

La compr\u00e9hension du public et ses limites<\/h2>\n\n\n\n

Une ignorance largement r\u00e9pandue<\/h3>\n\n\n\n

Malgr\u00e9 l\u2019enjeu, l\u2019Iran reste mal connu du grand public. En 2020, seulement 23 % des Am\u00e9ricains interrog\u00e9s pouvaient localiser l\u2019Iran sur une carte. Cela met en lumi\u00e8re le d\u00e9calage entre l\u2019opinion publique et la compr\u00e9hension des politiques internationales, et soul\u00e8ve des doutes sur la qualit\u00e9 du d\u00e9bat d\u00e9mocratique autour de l\u2019engagement militaire.<\/p>\n\n\n\n

Les derniers d\u00e9veloppements en 2025<\/h2>\n\n\n\n

Une escalade du conflit Isra\u00ebl-Iran<\/h3>\n\n\n\n

Depuis juin 2025, Isra\u00ebl a intensifi\u00e9 ses attaques contre des cibles militaires iraniennes, notamment le site fortifi\u00e9 de Fordow. L\u2019Iran a r\u00e9pliqu\u00e9 en bombardant des villes isra\u00e9liennes et en lan\u00e7ant des missiles contre des bases et troupes am\u00e9ricaines dans la r\u00e9gion.<\/p>\n\n\n\n

Des projets d\u2019assassinats pr\u00e9sum\u00e9s<\/h3>\n\n\n\n

Des rumeurs font \u00e9tat de tentatives iraniennes d\u2019assassiner Donald Trump, bien que ces all\u00e9gations restent contest\u00e9es. Des responsables isra\u00e9liens ont \u00e9voqu\u00e9 publiquement l\u2019\u00e9limination du guide supr\u00eame iranien, aggravant encore les tensions.<\/p>\n\n\n\n

La posture militaire des \u00c9tats-Unis<\/h3>\n\n\n\n

Les \u00c9tats-Unis ont d\u00e9ploy\u00e9 des navires de guerre et des avions de chasse suppl\u00e9mentaires au Moyen-Orient. Cette mobilisation souligne leur niveau de pr\u00e9paration, alors que le Congr\u00e8s reste divis\u00e9 sur une autorisation formelle d\u2019action militaire.<\/p>\n\n\n\n

Risques li\u00e9s \u00e0 une intervention am\u00e9ricaine<\/h2>\n\n\n\n

Risque d\u2019escalade<\/h3>\n\n\n\n

Une implication directe des \u00c9tats-Unis pourrait transformer le conflit en une guerre r\u00e9gionale, avec des milices pro-iraniennes d\u00e9stabilisant les \u00c9tats voisins. Le risque de repr\u00e9sailles iraniennes contre les troupes ou alli\u00e9s am\u00e9ricains demeure \u00e9lev\u00e9.<\/p>\n\n\n\n

Ambigu\u00eft\u00e9 strat\u00e9gique<\/h3>\n\n\n\n

L\u2019absence de consensus clair au sein du gouvernement am\u00e9ricain et entre ses alli\u00e9s complique les efforts diplomatiques tout en nourrissant les pr\u00e9paratifs militaires.<\/p>\n\n\n\n

Cons\u00e9quences humanitaires<\/h3>\n\n\n\n

Une escalade entra\u00eenerait de lourdes pertes civiles des deux c\u00f4t\u00e9s : morts, bless\u00e9s, d\u00e9placements forc\u00e9s et souffrances humanitaires accrues.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

L\u2019aveu du s\u00e9nateur Ted Cruz concernant le soutien am\u00e9ricain aux frappes isra\u00e9liennes contre l\u2019Iran expose les contradictions de la politique \u00e9trang\u00e8re am\u00e9ricaine. Sa position militariste, teint\u00e9e de convictions religieuses, contraste avec la prudence d\u2019autres voix et r\u00e9v\u00e8le les fractures internes du Parti r\u00e9publicain et du mouvement MAGA.<\/p>\n\n\n\n

Les \u00c9tats-Unis se trouvent \u00e0 un carrefour d\u00e9cisif : entre la mont\u00e9e des tensions, les choix incertains de Trump, et la pression des faucons, les d\u00e9cisions prises dans les semaines \u00e0 venir pourraient d\u00e9terminer l\u2019avenir du conflit Isra\u00ebl-Iran, la position g\u00e9opolitique des \u00c9tats-Unis, et les chances de paix ou de guerre dans l\u2019une des r\u00e9gions les plus explosives au monde.<\/p>\n","post_title":"Isra\u00ebl contr\u00f4le-t-il l\u2019Am\u00e9rique ? Analyse de l\u2019aveu controvers\u00e9 de Ted Cruz sur l\u2019implication des \u00c9tats-Unis dans les frappes contre l\u2019Iran","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"israel-controle-t-il-lamerique-analyse-de-laveu-controverse-de-ted-cruz-sur-limplication-des-etats-unis-dans-les-frappes-contre-liran","to_ping":"","pinged":"","post_modified":"2025-06-28 10:50:31","post_modified_gmt":"2025-06-28 10:50:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=8094","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7845,"post_author":"7","post_date":"2025-05-25 14:57:07","post_date_gmt":"2025-05-25 14:57:07","post_content":"\n

Un agent \u00e9tranger qatari a vers\u00e9 environ 30 000 dollars aux comit\u00e9s de campagne du s\u00e9nateur Lindsey Graham (R-SC) entre 2020 et 2025. Pendant cette p\u00e9riode, le bureau de Graham a accord\u00e9 un acc\u00e8s important au cabinet de lobbying de cet agent afin de soutenir les int\u00e9r\u00eats du Qatar. Cela comprenait plus de 131 \u00e9changes entre le bureau du s\u00e9nateur et l\u2019agent qatari, ainsi que des r\u00e9unions en personne et des appels t\u00e9l\u00e9phoniques avec Graham lui-m\u00eame.<\/p>\n\n\n\n

Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

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Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

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Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

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Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Cons\u00e9quences politiques et divisions internes<\/h2>\n\n\n\n

Une fracture au sein du Parti r\u00e9publicain<\/h3>\n\n\n\n

La position belliciste de Cruz s\u2019oppose \u00e0 la prudence exprim\u00e9e par d\u2019autres r\u00e9publicains, y compris au Texas. L\u00e0 o\u00f9 Cruz appelle au changement de r\u00e9gime, d\u2019autres pr\u00f4nent la diplomatie et mettent en garde contre une nouvelle guerre sans fin. Steve Bannon, ancien strat\u00e8ge de Trump, a critiqu\u00e9 les interventions \u00e0 l\u2019\u00e9tranger, estimant qu\u2019elles affaiblissent la coalition MAGA et d\u00e9tournent l\u2019attention des priorit\u00e9s int\u00e9rieures.<\/p>\n\n\n\n

L\u2019ambigu\u00eft\u00e9 de Trump<\/h3>\n\n\n\n

Le pr\u00e9sident Trump lui-m\u00eame reste ind\u00e9cis. Il envisage, entre autres, de fournir \u00e0 Isra\u00ebl une bombe anti-bunker pour d\u00e9truire les installations nucl\u00e9aires enterr\u00e9es de l\u2019Iran, tout en d\u00e9clarant publiquement : \u00ab Je le ferai peut-\u00eatre, ou peut-\u00eatre pas. \u00bb Cette position refl\u00e8te les d\u00e9bats internes au sein de son \u00e9quipe. Trump a par ailleurs rejet\u00e9 les critiques de Carlson sur Cruz en les qualifiant de \u00ab loufoques \u00bb, illustrant la complexit\u00e9 des rapports de force dans son entourage.<\/p>\n\n\n\n

La compr\u00e9hension du public et ses limites<\/h2>\n\n\n\n

Une ignorance largement r\u00e9pandue<\/h3>\n\n\n\n

Malgr\u00e9 l\u2019enjeu, l\u2019Iran reste mal connu du grand public. En 2020, seulement 23 % des Am\u00e9ricains interrog\u00e9s pouvaient localiser l\u2019Iran sur une carte. Cela met en lumi\u00e8re le d\u00e9calage entre l\u2019opinion publique et la compr\u00e9hension des politiques internationales, et soul\u00e8ve des doutes sur la qualit\u00e9 du d\u00e9bat d\u00e9mocratique autour de l\u2019engagement militaire.<\/p>\n\n\n\n

Les derniers d\u00e9veloppements en 2025<\/h2>\n\n\n\n

Une escalade du conflit Isra\u00ebl-Iran<\/h3>\n\n\n\n

Depuis juin 2025, Isra\u00ebl a intensifi\u00e9 ses attaques contre des cibles militaires iraniennes, notamment le site fortifi\u00e9 de Fordow. L\u2019Iran a r\u00e9pliqu\u00e9 en bombardant des villes isra\u00e9liennes et en lan\u00e7ant des missiles contre des bases et troupes am\u00e9ricaines dans la r\u00e9gion.<\/p>\n\n\n\n

Des projets d\u2019assassinats pr\u00e9sum\u00e9s<\/h3>\n\n\n\n

Des rumeurs font \u00e9tat de tentatives iraniennes d\u2019assassiner Donald Trump, bien que ces all\u00e9gations restent contest\u00e9es. Des responsables isra\u00e9liens ont \u00e9voqu\u00e9 publiquement l\u2019\u00e9limination du guide supr\u00eame iranien, aggravant encore les tensions.<\/p>\n\n\n\n

La posture militaire des \u00c9tats-Unis<\/h3>\n\n\n\n

Les \u00c9tats-Unis ont d\u00e9ploy\u00e9 des navires de guerre et des avions de chasse suppl\u00e9mentaires au Moyen-Orient. Cette mobilisation souligne leur niveau de pr\u00e9paration, alors que le Congr\u00e8s reste divis\u00e9 sur une autorisation formelle d\u2019action militaire.<\/p>\n\n\n\n

Risques li\u00e9s \u00e0 une intervention am\u00e9ricaine<\/h2>\n\n\n\n

Risque d\u2019escalade<\/h3>\n\n\n\n

Une implication directe des \u00c9tats-Unis pourrait transformer le conflit en une guerre r\u00e9gionale, avec des milices pro-iraniennes d\u00e9stabilisant les \u00c9tats voisins. Le risque de repr\u00e9sailles iraniennes contre les troupes ou alli\u00e9s am\u00e9ricains demeure \u00e9lev\u00e9.<\/p>\n\n\n\n

Ambigu\u00eft\u00e9 strat\u00e9gique<\/h3>\n\n\n\n

L\u2019absence de consensus clair au sein du gouvernement am\u00e9ricain et entre ses alli\u00e9s complique les efforts diplomatiques tout en nourrissant les pr\u00e9paratifs militaires.<\/p>\n\n\n\n

Cons\u00e9quences humanitaires<\/h3>\n\n\n\n

Une escalade entra\u00eenerait de lourdes pertes civiles des deux c\u00f4t\u00e9s : morts, bless\u00e9s, d\u00e9placements forc\u00e9s et souffrances humanitaires accrues.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

L\u2019aveu du s\u00e9nateur Ted Cruz concernant le soutien am\u00e9ricain aux frappes isra\u00e9liennes contre l\u2019Iran expose les contradictions de la politique \u00e9trang\u00e8re am\u00e9ricaine. Sa position militariste, teint\u00e9e de convictions religieuses, contraste avec la prudence d\u2019autres voix et r\u00e9v\u00e8le les fractures internes du Parti r\u00e9publicain et du mouvement MAGA.<\/p>\n\n\n\n

Les \u00c9tats-Unis se trouvent \u00e0 un carrefour d\u00e9cisif : entre la mont\u00e9e des tensions, les choix incertains de Trump, et la pression des faucons, les d\u00e9cisions prises dans les semaines \u00e0 venir pourraient d\u00e9terminer l\u2019avenir du conflit Isra\u00ebl-Iran, la position g\u00e9opolitique des \u00c9tats-Unis, et les chances de paix ou de guerre dans l\u2019une des r\u00e9gions les plus explosives au monde.<\/p>\n","post_title":"Isra\u00ebl contr\u00f4le-t-il l\u2019Am\u00e9rique ? Analyse de l\u2019aveu controvers\u00e9 de Ted Cruz sur l\u2019implication des \u00c9tats-Unis dans les frappes contre l\u2019Iran","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"israel-controle-t-il-lamerique-analyse-de-laveu-controverse-de-ted-cruz-sur-limplication-des-etats-unis-dans-les-frappes-contre-liran","to_ping":"","pinged":"","post_modified":"2025-06-28 10:50:31","post_modified_gmt":"2025-06-28 10:50:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=8094","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7845,"post_author":"7","post_date":"2025-05-25 14:57:07","post_date_gmt":"2025-05-25 14:57:07","post_content":"\n

Un agent \u00e9tranger qatari a vers\u00e9 environ 30 000 dollars aux comit\u00e9s de campagne du s\u00e9nateur Lindsey Graham (R-SC) entre 2020 et 2025. Pendant cette p\u00e9riode, le bureau de Graham a accord\u00e9 un acc\u00e8s important au cabinet de lobbying de cet agent afin de soutenir les int\u00e9r\u00eats du Qatar. Cela comprenait plus de 131 \u00e9changes entre le bureau du s\u00e9nateur et l\u2019agent qatari, ainsi que des r\u00e9unions en personne et des appels t\u00e9l\u00e9phoniques avec Graham lui-m\u00eame.<\/p>\n\n\n\n

Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

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Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

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Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

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Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Si la foi reste un moteur pour certains responsables politiques, les critiques soulignent que cela risque d\u2019\u00e9loigner les d\u00e9cisions des r\u00e9alit\u00e9s g\u00e9opolitiques. Une politique fond\u00e9e sur une id\u00e9ologie ou une th\u00e9ologie peut mener \u00e0 des conflits sans strat\u00e9gie claire ni issue r\u00e9aliste.<\/p>\n\n\n\n

Cons\u00e9quences politiques et divisions internes<\/h2>\n\n\n\n

Une fracture au sein du Parti r\u00e9publicain<\/h3>\n\n\n\n

La position belliciste de Cruz s\u2019oppose \u00e0 la prudence exprim\u00e9e par d\u2019autres r\u00e9publicains, y compris au Texas. L\u00e0 o\u00f9 Cruz appelle au changement de r\u00e9gime, d\u2019autres pr\u00f4nent la diplomatie et mettent en garde contre une nouvelle guerre sans fin. Steve Bannon, ancien strat\u00e8ge de Trump, a critiqu\u00e9 les interventions \u00e0 l\u2019\u00e9tranger, estimant qu\u2019elles affaiblissent la coalition MAGA et d\u00e9tournent l\u2019attention des priorit\u00e9s int\u00e9rieures.<\/p>\n\n\n\n

L\u2019ambigu\u00eft\u00e9 de Trump<\/h3>\n\n\n\n

Le pr\u00e9sident Trump lui-m\u00eame reste ind\u00e9cis. Il envisage, entre autres, de fournir \u00e0 Isra\u00ebl une bombe anti-bunker pour d\u00e9truire les installations nucl\u00e9aires enterr\u00e9es de l\u2019Iran, tout en d\u00e9clarant publiquement : \u00ab Je le ferai peut-\u00eatre, ou peut-\u00eatre pas. \u00bb Cette position refl\u00e8te les d\u00e9bats internes au sein de son \u00e9quipe. Trump a par ailleurs rejet\u00e9 les critiques de Carlson sur Cruz en les qualifiant de \u00ab loufoques \u00bb, illustrant la complexit\u00e9 des rapports de force dans son entourage.<\/p>\n\n\n\n

La compr\u00e9hension du public et ses limites<\/h2>\n\n\n\n

Une ignorance largement r\u00e9pandue<\/h3>\n\n\n\n

Malgr\u00e9 l\u2019enjeu, l\u2019Iran reste mal connu du grand public. En 2020, seulement 23 % des Am\u00e9ricains interrog\u00e9s pouvaient localiser l\u2019Iran sur une carte. Cela met en lumi\u00e8re le d\u00e9calage entre l\u2019opinion publique et la compr\u00e9hension des politiques internationales, et soul\u00e8ve des doutes sur la qualit\u00e9 du d\u00e9bat d\u00e9mocratique autour de l\u2019engagement militaire.<\/p>\n\n\n\n

Les derniers d\u00e9veloppements en 2025<\/h2>\n\n\n\n

Une escalade du conflit Isra\u00ebl-Iran<\/h3>\n\n\n\n

Depuis juin 2025, Isra\u00ebl a intensifi\u00e9 ses attaques contre des cibles militaires iraniennes, notamment le site fortifi\u00e9 de Fordow. L\u2019Iran a r\u00e9pliqu\u00e9 en bombardant des villes isra\u00e9liennes et en lan\u00e7ant des missiles contre des bases et troupes am\u00e9ricaines dans la r\u00e9gion.<\/p>\n\n\n\n

Des projets d\u2019assassinats pr\u00e9sum\u00e9s<\/h3>\n\n\n\n

Des rumeurs font \u00e9tat de tentatives iraniennes d\u2019assassiner Donald Trump, bien que ces all\u00e9gations restent contest\u00e9es. Des responsables isra\u00e9liens ont \u00e9voqu\u00e9 publiquement l\u2019\u00e9limination du guide supr\u00eame iranien, aggravant encore les tensions.<\/p>\n\n\n\n

La posture militaire des \u00c9tats-Unis<\/h3>\n\n\n\n

Les \u00c9tats-Unis ont d\u00e9ploy\u00e9 des navires de guerre et des avions de chasse suppl\u00e9mentaires au Moyen-Orient. Cette mobilisation souligne leur niveau de pr\u00e9paration, alors que le Congr\u00e8s reste divis\u00e9 sur une autorisation formelle d\u2019action militaire.<\/p>\n\n\n\n

Risques li\u00e9s \u00e0 une intervention am\u00e9ricaine<\/h2>\n\n\n\n

Risque d\u2019escalade<\/h3>\n\n\n\n

Une implication directe des \u00c9tats-Unis pourrait transformer le conflit en une guerre r\u00e9gionale, avec des milices pro-iraniennes d\u00e9stabilisant les \u00c9tats voisins. Le risque de repr\u00e9sailles iraniennes contre les troupes ou alli\u00e9s am\u00e9ricains demeure \u00e9lev\u00e9.<\/p>\n\n\n\n

Ambigu\u00eft\u00e9 strat\u00e9gique<\/h3>\n\n\n\n

L\u2019absence de consensus clair au sein du gouvernement am\u00e9ricain et entre ses alli\u00e9s complique les efforts diplomatiques tout en nourrissant les pr\u00e9paratifs militaires.<\/p>\n\n\n\n

Cons\u00e9quences humanitaires<\/h3>\n\n\n\n

Une escalade entra\u00eenerait de lourdes pertes civiles des deux c\u00f4t\u00e9s : morts, bless\u00e9s, d\u00e9placements forc\u00e9s et souffrances humanitaires accrues.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

L\u2019aveu du s\u00e9nateur Ted Cruz concernant le soutien am\u00e9ricain aux frappes isra\u00e9liennes contre l\u2019Iran expose les contradictions de la politique \u00e9trang\u00e8re am\u00e9ricaine. Sa position militariste, teint\u00e9e de convictions religieuses, contraste avec la prudence d\u2019autres voix et r\u00e9v\u00e8le les fractures internes du Parti r\u00e9publicain et du mouvement MAGA.<\/p>\n\n\n\n

Les \u00c9tats-Unis se trouvent \u00e0 un carrefour d\u00e9cisif : entre la mont\u00e9e des tensions, les choix incertains de Trump, et la pression des faucons, les d\u00e9cisions prises dans les semaines \u00e0 venir pourraient d\u00e9terminer l\u2019avenir du conflit Isra\u00ebl-Iran, la position g\u00e9opolitique des \u00c9tats-Unis, et les chances de paix ou de guerre dans l\u2019une des r\u00e9gions les plus explosives au monde.<\/p>\n","post_title":"Isra\u00ebl contr\u00f4le-t-il l\u2019Am\u00e9rique ? Analyse de l\u2019aveu controvers\u00e9 de Ted Cruz sur l\u2019implication des \u00c9tats-Unis dans les frappes contre l\u2019Iran","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"israel-controle-t-il-lamerique-analyse-de-laveu-controverse-de-ted-cruz-sur-limplication-des-etats-unis-dans-les-frappes-contre-liran","to_ping":"","pinged":"","post_modified":"2025-06-28 10:50:31","post_modified_gmt":"2025-06-28 10:50:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=8094","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7845,"post_author":"7","post_date":"2025-05-25 14:57:07","post_date_gmt":"2025-05-25 14:57:07","post_content":"\n

Un agent \u00e9tranger qatari a vers\u00e9 environ 30 000 dollars aux comit\u00e9s de campagne du s\u00e9nateur Lindsey Graham (R-SC) entre 2020 et 2025. Pendant cette p\u00e9riode, le bureau de Graham a accord\u00e9 un acc\u00e8s important au cabinet de lobbying de cet agent afin de soutenir les int\u00e9r\u00eats du Qatar. Cela comprenait plus de 131 \u00e9changes entre le bureau du s\u00e9nateur et l\u2019agent qatari, ainsi que des r\u00e9unions en personne et des appels t\u00e9l\u00e9phoniques avec Graham lui-m\u00eame.<\/p>\n\n\n\n

Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

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Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

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Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

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Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

Page 6 of 7 1 … 5 6 7
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Implications sur la politique \u00e9trang\u00e8re<\/h3>\n\n\n\n

Si la foi reste un moteur pour certains responsables politiques, les critiques soulignent que cela risque d\u2019\u00e9loigner les d\u00e9cisions des r\u00e9alit\u00e9s g\u00e9opolitiques. Une politique fond\u00e9e sur une id\u00e9ologie ou une th\u00e9ologie peut mener \u00e0 des conflits sans strat\u00e9gie claire ni issue r\u00e9aliste.<\/p>\n\n\n\n

Cons\u00e9quences politiques et divisions internes<\/h2>\n\n\n\n

Une fracture au sein du Parti r\u00e9publicain<\/h3>\n\n\n\n

La position belliciste de Cruz s\u2019oppose \u00e0 la prudence exprim\u00e9e par d\u2019autres r\u00e9publicains, y compris au Texas. L\u00e0 o\u00f9 Cruz appelle au changement de r\u00e9gime, d\u2019autres pr\u00f4nent la diplomatie et mettent en garde contre une nouvelle guerre sans fin. Steve Bannon, ancien strat\u00e8ge de Trump, a critiqu\u00e9 les interventions \u00e0 l\u2019\u00e9tranger, estimant qu\u2019elles affaiblissent la coalition MAGA et d\u00e9tournent l\u2019attention des priorit\u00e9s int\u00e9rieures.<\/p>\n\n\n\n

L\u2019ambigu\u00eft\u00e9 de Trump<\/h3>\n\n\n\n

Le pr\u00e9sident Trump lui-m\u00eame reste ind\u00e9cis. Il envisage, entre autres, de fournir \u00e0 Isra\u00ebl une bombe anti-bunker pour d\u00e9truire les installations nucl\u00e9aires enterr\u00e9es de l\u2019Iran, tout en d\u00e9clarant publiquement : \u00ab Je le ferai peut-\u00eatre, ou peut-\u00eatre pas. \u00bb Cette position refl\u00e8te les d\u00e9bats internes au sein de son \u00e9quipe. Trump a par ailleurs rejet\u00e9 les critiques de Carlson sur Cruz en les qualifiant de \u00ab loufoques \u00bb, illustrant la complexit\u00e9 des rapports de force dans son entourage.<\/p>\n\n\n\n

La compr\u00e9hension du public et ses limites<\/h2>\n\n\n\n

Une ignorance largement r\u00e9pandue<\/h3>\n\n\n\n

Malgr\u00e9 l\u2019enjeu, l\u2019Iran reste mal connu du grand public. En 2020, seulement 23 % des Am\u00e9ricains interrog\u00e9s pouvaient localiser l\u2019Iran sur une carte. Cela met en lumi\u00e8re le d\u00e9calage entre l\u2019opinion publique et la compr\u00e9hension des politiques internationales, et soul\u00e8ve des doutes sur la qualit\u00e9 du d\u00e9bat d\u00e9mocratique autour de l\u2019engagement militaire.<\/p>\n\n\n\n

Les derniers d\u00e9veloppements en 2025<\/h2>\n\n\n\n

Une escalade du conflit Isra\u00ebl-Iran<\/h3>\n\n\n\n

Depuis juin 2025, Isra\u00ebl a intensifi\u00e9 ses attaques contre des cibles militaires iraniennes, notamment le site fortifi\u00e9 de Fordow. L\u2019Iran a r\u00e9pliqu\u00e9 en bombardant des villes isra\u00e9liennes et en lan\u00e7ant des missiles contre des bases et troupes am\u00e9ricaines dans la r\u00e9gion.<\/p>\n\n\n\n

Des projets d\u2019assassinats pr\u00e9sum\u00e9s<\/h3>\n\n\n\n

Des rumeurs font \u00e9tat de tentatives iraniennes d\u2019assassiner Donald Trump, bien que ces all\u00e9gations restent contest\u00e9es. Des responsables isra\u00e9liens ont \u00e9voqu\u00e9 publiquement l\u2019\u00e9limination du guide supr\u00eame iranien, aggravant encore les tensions.<\/p>\n\n\n\n

La posture militaire des \u00c9tats-Unis<\/h3>\n\n\n\n

Les \u00c9tats-Unis ont d\u00e9ploy\u00e9 des navires de guerre et des avions de chasse suppl\u00e9mentaires au Moyen-Orient. Cette mobilisation souligne leur niveau de pr\u00e9paration, alors que le Congr\u00e8s reste divis\u00e9 sur une autorisation formelle d\u2019action militaire.<\/p>\n\n\n\n

Risques li\u00e9s \u00e0 une intervention am\u00e9ricaine<\/h2>\n\n\n\n

Risque d\u2019escalade<\/h3>\n\n\n\n

Une implication directe des \u00c9tats-Unis pourrait transformer le conflit en une guerre r\u00e9gionale, avec des milices pro-iraniennes d\u00e9stabilisant les \u00c9tats voisins. Le risque de repr\u00e9sailles iraniennes contre les troupes ou alli\u00e9s am\u00e9ricains demeure \u00e9lev\u00e9.<\/p>\n\n\n\n

Ambigu\u00eft\u00e9 strat\u00e9gique<\/h3>\n\n\n\n

L\u2019absence de consensus clair au sein du gouvernement am\u00e9ricain et entre ses alli\u00e9s complique les efforts diplomatiques tout en nourrissant les pr\u00e9paratifs militaires.<\/p>\n\n\n\n

Cons\u00e9quences humanitaires<\/h3>\n\n\n\n

Une escalade entra\u00eenerait de lourdes pertes civiles des deux c\u00f4t\u00e9s : morts, bless\u00e9s, d\u00e9placements forc\u00e9s et souffrances humanitaires accrues.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

L\u2019aveu du s\u00e9nateur Ted Cruz concernant le soutien am\u00e9ricain aux frappes isra\u00e9liennes contre l\u2019Iran expose les contradictions de la politique \u00e9trang\u00e8re am\u00e9ricaine. Sa position militariste, teint\u00e9e de convictions religieuses, contraste avec la prudence d\u2019autres voix et r\u00e9v\u00e8le les fractures internes du Parti r\u00e9publicain et du mouvement MAGA.<\/p>\n\n\n\n

Les \u00c9tats-Unis se trouvent \u00e0 un carrefour d\u00e9cisif : entre la mont\u00e9e des tensions, les choix incertains de Trump, et la pression des faucons, les d\u00e9cisions prises dans les semaines \u00e0 venir pourraient d\u00e9terminer l\u2019avenir du conflit Isra\u00ebl-Iran, la position g\u00e9opolitique des \u00c9tats-Unis, et les chances de paix ou de guerre dans l\u2019une des r\u00e9gions les plus explosives au monde.<\/p>\n","post_title":"Isra\u00ebl contr\u00f4le-t-il l\u2019Am\u00e9rique ? Analyse de l\u2019aveu controvers\u00e9 de Ted Cruz sur l\u2019implication des \u00c9tats-Unis dans les frappes contre l\u2019Iran","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"israel-controle-t-il-lamerique-analyse-de-laveu-controverse-de-ted-cruz-sur-limplication-des-etats-unis-dans-les-frappes-contre-liran","to_ping":"","pinged":"","post_modified":"2025-06-28 10:50:31","post_modified_gmt":"2025-06-28 10:50:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=8094","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7845,"post_author":"7","post_date":"2025-05-25 14:57:07","post_date_gmt":"2025-05-25 14:57:07","post_content":"\n

Un agent \u00e9tranger qatari a vers\u00e9 environ 30 000 dollars aux comit\u00e9s de campagne du s\u00e9nateur Lindsey Graham (R-SC) entre 2020 et 2025. Pendant cette p\u00e9riode, le bureau de Graham a accord\u00e9 un acc\u00e8s important au cabinet de lobbying de cet agent afin de soutenir les int\u00e9r\u00eats du Qatar. Cela comprenait plus de 131 \u00e9changes entre le bureau du s\u00e9nateur et l\u2019agent qatari, ainsi que des r\u00e9unions en personne et des appels t\u00e9l\u00e9phoniques avec Graham lui-m\u00eame.<\/p>\n\n\n\n

Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

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Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

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Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

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Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Cruz a reconnu que les croyances \u00e9vang\u00e9liques chr\u00e9tiennes \u00e9taient un facteur majeur dans le soutien \u00e0 Isra\u00ebl et l\u2019opposition au r\u00e9gime iranien. Il a \u00e9voqu\u00e9 la th\u00e9ologie dispensationaliste et la promesse biblique selon laquelle \u00ab ceux qui b\u00e9nissent Isra\u00ebl seront b\u00e9nis \u00bb. Cette interpr\u00e9tation religieuse influence fortement les politiques am\u00e9ricaines au Moyen-Orient.<\/p>\n\n\n\n

Implications sur la politique \u00e9trang\u00e8re<\/h3>\n\n\n\n

Si la foi reste un moteur pour certains responsables politiques, les critiques soulignent que cela risque d\u2019\u00e9loigner les d\u00e9cisions des r\u00e9alit\u00e9s g\u00e9opolitiques. Une politique fond\u00e9e sur une id\u00e9ologie ou une th\u00e9ologie peut mener \u00e0 des conflits sans strat\u00e9gie claire ni issue r\u00e9aliste.<\/p>\n\n\n\n

Cons\u00e9quences politiques et divisions internes<\/h2>\n\n\n\n

Une fracture au sein du Parti r\u00e9publicain<\/h3>\n\n\n\n

La position belliciste de Cruz s\u2019oppose \u00e0 la prudence exprim\u00e9e par d\u2019autres r\u00e9publicains, y compris au Texas. L\u00e0 o\u00f9 Cruz appelle au changement de r\u00e9gime, d\u2019autres pr\u00f4nent la diplomatie et mettent en garde contre une nouvelle guerre sans fin. Steve Bannon, ancien strat\u00e8ge de Trump, a critiqu\u00e9 les interventions \u00e0 l\u2019\u00e9tranger, estimant qu\u2019elles affaiblissent la coalition MAGA et d\u00e9tournent l\u2019attention des priorit\u00e9s int\u00e9rieures.<\/p>\n\n\n\n

L\u2019ambigu\u00eft\u00e9 de Trump<\/h3>\n\n\n\n

Le pr\u00e9sident Trump lui-m\u00eame reste ind\u00e9cis. Il envisage, entre autres, de fournir \u00e0 Isra\u00ebl une bombe anti-bunker pour d\u00e9truire les installations nucl\u00e9aires enterr\u00e9es de l\u2019Iran, tout en d\u00e9clarant publiquement : \u00ab Je le ferai peut-\u00eatre, ou peut-\u00eatre pas. \u00bb Cette position refl\u00e8te les d\u00e9bats internes au sein de son \u00e9quipe. Trump a par ailleurs rejet\u00e9 les critiques de Carlson sur Cruz en les qualifiant de \u00ab loufoques \u00bb, illustrant la complexit\u00e9 des rapports de force dans son entourage.<\/p>\n\n\n\n

La compr\u00e9hension du public et ses limites<\/h2>\n\n\n\n

Une ignorance largement r\u00e9pandue<\/h3>\n\n\n\n

Malgr\u00e9 l\u2019enjeu, l\u2019Iran reste mal connu du grand public. En 2020, seulement 23 % des Am\u00e9ricains interrog\u00e9s pouvaient localiser l\u2019Iran sur une carte. Cela met en lumi\u00e8re le d\u00e9calage entre l\u2019opinion publique et la compr\u00e9hension des politiques internationales, et soul\u00e8ve des doutes sur la qualit\u00e9 du d\u00e9bat d\u00e9mocratique autour de l\u2019engagement militaire.<\/p>\n\n\n\n

Les derniers d\u00e9veloppements en 2025<\/h2>\n\n\n\n

Une escalade du conflit Isra\u00ebl-Iran<\/h3>\n\n\n\n

Depuis juin 2025, Isra\u00ebl a intensifi\u00e9 ses attaques contre des cibles militaires iraniennes, notamment le site fortifi\u00e9 de Fordow. L\u2019Iran a r\u00e9pliqu\u00e9 en bombardant des villes isra\u00e9liennes et en lan\u00e7ant des missiles contre des bases et troupes am\u00e9ricaines dans la r\u00e9gion.<\/p>\n\n\n\n

Des projets d\u2019assassinats pr\u00e9sum\u00e9s<\/h3>\n\n\n\n

Des rumeurs font \u00e9tat de tentatives iraniennes d\u2019assassiner Donald Trump, bien que ces all\u00e9gations restent contest\u00e9es. Des responsables isra\u00e9liens ont \u00e9voqu\u00e9 publiquement l\u2019\u00e9limination du guide supr\u00eame iranien, aggravant encore les tensions.<\/p>\n\n\n\n

La posture militaire des \u00c9tats-Unis<\/h3>\n\n\n\n

Les \u00c9tats-Unis ont d\u00e9ploy\u00e9 des navires de guerre et des avions de chasse suppl\u00e9mentaires au Moyen-Orient. Cette mobilisation souligne leur niveau de pr\u00e9paration, alors que le Congr\u00e8s reste divis\u00e9 sur une autorisation formelle d\u2019action militaire.<\/p>\n\n\n\n

Risques li\u00e9s \u00e0 une intervention am\u00e9ricaine<\/h2>\n\n\n\n

Risque d\u2019escalade<\/h3>\n\n\n\n

Une implication directe des \u00c9tats-Unis pourrait transformer le conflit en une guerre r\u00e9gionale, avec des milices pro-iraniennes d\u00e9stabilisant les \u00c9tats voisins. Le risque de repr\u00e9sailles iraniennes contre les troupes ou alli\u00e9s am\u00e9ricains demeure \u00e9lev\u00e9.<\/p>\n\n\n\n

Ambigu\u00eft\u00e9 strat\u00e9gique<\/h3>\n\n\n\n

L\u2019absence de consensus clair au sein du gouvernement am\u00e9ricain et entre ses alli\u00e9s complique les efforts diplomatiques tout en nourrissant les pr\u00e9paratifs militaires.<\/p>\n\n\n\n

Cons\u00e9quences humanitaires<\/h3>\n\n\n\n

Une escalade entra\u00eenerait de lourdes pertes civiles des deux c\u00f4t\u00e9s : morts, bless\u00e9s, d\u00e9placements forc\u00e9s et souffrances humanitaires accrues.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

L\u2019aveu du s\u00e9nateur Ted Cruz concernant le soutien am\u00e9ricain aux frappes isra\u00e9liennes contre l\u2019Iran expose les contradictions de la politique \u00e9trang\u00e8re am\u00e9ricaine. Sa position militariste, teint\u00e9e de convictions religieuses, contraste avec la prudence d\u2019autres voix et r\u00e9v\u00e8le les fractures internes du Parti r\u00e9publicain et du mouvement MAGA.<\/p>\n\n\n\n

Les \u00c9tats-Unis se trouvent \u00e0 un carrefour d\u00e9cisif : entre la mont\u00e9e des tensions, les choix incertains de Trump, et la pression des faucons, les d\u00e9cisions prises dans les semaines \u00e0 venir pourraient d\u00e9terminer l\u2019avenir du conflit Isra\u00ebl-Iran, la position g\u00e9opolitique des \u00c9tats-Unis, et les chances de paix ou de guerre dans l\u2019une des r\u00e9gions les plus explosives au monde.<\/p>\n","post_title":"Isra\u00ebl contr\u00f4le-t-il l\u2019Am\u00e9rique ? Analyse de l\u2019aveu controvers\u00e9 de Ted Cruz sur l\u2019implication des \u00c9tats-Unis dans les frappes contre l\u2019Iran","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"israel-controle-t-il-lamerique-analyse-de-laveu-controverse-de-ted-cruz-sur-limplication-des-etats-unis-dans-les-frappes-contre-liran","to_ping":"","pinged":"","post_modified":"2025-06-28 10:50:31","post_modified_gmt":"2025-06-28 10:50:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=8094","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7845,"post_author":"7","post_date":"2025-05-25 14:57:07","post_date_gmt":"2025-05-25 14:57:07","post_content":"\n

Un agent \u00e9tranger qatari a vers\u00e9 environ 30 000 dollars aux comit\u00e9s de campagne du s\u00e9nateur Lindsey Graham (R-SC) entre 2020 et 2025. Pendant cette p\u00e9riode, le bureau de Graham a accord\u00e9 un acc\u00e8s important au cabinet de lobbying de cet agent afin de soutenir les int\u00e9r\u00eats du Qatar. Cela comprenait plus de 131 \u00e9changes entre le bureau du s\u00e9nateur et l\u2019agent qatari, ainsi que des r\u00e9unions en personne et des appels t\u00e9l\u00e9phoniques avec Graham lui-m\u00eame.<\/p>\n\n\n\n

Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

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Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

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Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

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Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

Page 6 of 7 1 … 5 6 7
\n

Le soutien \u00e9vang\u00e9lique \u00e0 Isra\u00ebl<\/h3>\n\n\n\n

Cruz a reconnu que les croyances \u00e9vang\u00e9liques chr\u00e9tiennes \u00e9taient un facteur majeur dans le soutien \u00e0 Isra\u00ebl et l\u2019opposition au r\u00e9gime iranien. Il a \u00e9voqu\u00e9 la th\u00e9ologie dispensationaliste et la promesse biblique selon laquelle \u00ab ceux qui b\u00e9nissent Isra\u00ebl seront b\u00e9nis \u00bb. Cette interpr\u00e9tation religieuse influence fortement les politiques am\u00e9ricaines au Moyen-Orient.<\/p>\n\n\n\n

Implications sur la politique \u00e9trang\u00e8re<\/h3>\n\n\n\n

Si la foi reste un moteur pour certains responsables politiques, les critiques soulignent que cela risque d\u2019\u00e9loigner les d\u00e9cisions des r\u00e9alit\u00e9s g\u00e9opolitiques. Une politique fond\u00e9e sur une id\u00e9ologie ou une th\u00e9ologie peut mener \u00e0 des conflits sans strat\u00e9gie claire ni issue r\u00e9aliste.<\/p>\n\n\n\n

Cons\u00e9quences politiques et divisions internes<\/h2>\n\n\n\n

Une fracture au sein du Parti r\u00e9publicain<\/h3>\n\n\n\n

La position belliciste de Cruz s\u2019oppose \u00e0 la prudence exprim\u00e9e par d\u2019autres r\u00e9publicains, y compris au Texas. L\u00e0 o\u00f9 Cruz appelle au changement de r\u00e9gime, d\u2019autres pr\u00f4nent la diplomatie et mettent en garde contre une nouvelle guerre sans fin. Steve Bannon, ancien strat\u00e8ge de Trump, a critiqu\u00e9 les interventions \u00e0 l\u2019\u00e9tranger, estimant qu\u2019elles affaiblissent la coalition MAGA et d\u00e9tournent l\u2019attention des priorit\u00e9s int\u00e9rieures.<\/p>\n\n\n\n

L\u2019ambigu\u00eft\u00e9 de Trump<\/h3>\n\n\n\n

Le pr\u00e9sident Trump lui-m\u00eame reste ind\u00e9cis. Il envisage, entre autres, de fournir \u00e0 Isra\u00ebl une bombe anti-bunker pour d\u00e9truire les installations nucl\u00e9aires enterr\u00e9es de l\u2019Iran, tout en d\u00e9clarant publiquement : \u00ab Je le ferai peut-\u00eatre, ou peut-\u00eatre pas. \u00bb Cette position refl\u00e8te les d\u00e9bats internes au sein de son \u00e9quipe. Trump a par ailleurs rejet\u00e9 les critiques de Carlson sur Cruz en les qualifiant de \u00ab loufoques \u00bb, illustrant la complexit\u00e9 des rapports de force dans son entourage.<\/p>\n\n\n\n

La compr\u00e9hension du public et ses limites<\/h2>\n\n\n\n

Une ignorance largement r\u00e9pandue<\/h3>\n\n\n\n

Malgr\u00e9 l\u2019enjeu, l\u2019Iran reste mal connu du grand public. En 2020, seulement 23 % des Am\u00e9ricains interrog\u00e9s pouvaient localiser l\u2019Iran sur une carte. Cela met en lumi\u00e8re le d\u00e9calage entre l\u2019opinion publique et la compr\u00e9hension des politiques internationales, et soul\u00e8ve des doutes sur la qualit\u00e9 du d\u00e9bat d\u00e9mocratique autour de l\u2019engagement militaire.<\/p>\n\n\n\n

Les derniers d\u00e9veloppements en 2025<\/h2>\n\n\n\n

Une escalade du conflit Isra\u00ebl-Iran<\/h3>\n\n\n\n

Depuis juin 2025, Isra\u00ebl a intensifi\u00e9 ses attaques contre des cibles militaires iraniennes, notamment le site fortifi\u00e9 de Fordow. L\u2019Iran a r\u00e9pliqu\u00e9 en bombardant des villes isra\u00e9liennes et en lan\u00e7ant des missiles contre des bases et troupes am\u00e9ricaines dans la r\u00e9gion.<\/p>\n\n\n\n

Des projets d\u2019assassinats pr\u00e9sum\u00e9s<\/h3>\n\n\n\n

Des rumeurs font \u00e9tat de tentatives iraniennes d\u2019assassiner Donald Trump, bien que ces all\u00e9gations restent contest\u00e9es. Des responsables isra\u00e9liens ont \u00e9voqu\u00e9 publiquement l\u2019\u00e9limination du guide supr\u00eame iranien, aggravant encore les tensions.<\/p>\n\n\n\n

La posture militaire des \u00c9tats-Unis<\/h3>\n\n\n\n

Les \u00c9tats-Unis ont d\u00e9ploy\u00e9 des navires de guerre et des avions de chasse suppl\u00e9mentaires au Moyen-Orient. Cette mobilisation souligne leur niveau de pr\u00e9paration, alors que le Congr\u00e8s reste divis\u00e9 sur une autorisation formelle d\u2019action militaire.<\/p>\n\n\n\n

Risques li\u00e9s \u00e0 une intervention am\u00e9ricaine<\/h2>\n\n\n\n

Risque d\u2019escalade<\/h3>\n\n\n\n

Une implication directe des \u00c9tats-Unis pourrait transformer le conflit en une guerre r\u00e9gionale, avec des milices pro-iraniennes d\u00e9stabilisant les \u00c9tats voisins. Le risque de repr\u00e9sailles iraniennes contre les troupes ou alli\u00e9s am\u00e9ricains demeure \u00e9lev\u00e9.<\/p>\n\n\n\n

Ambigu\u00eft\u00e9 strat\u00e9gique<\/h3>\n\n\n\n

L\u2019absence de consensus clair au sein du gouvernement am\u00e9ricain et entre ses alli\u00e9s complique les efforts diplomatiques tout en nourrissant les pr\u00e9paratifs militaires.<\/p>\n\n\n\n

Cons\u00e9quences humanitaires<\/h3>\n\n\n\n

Une escalade entra\u00eenerait de lourdes pertes civiles des deux c\u00f4t\u00e9s : morts, bless\u00e9s, d\u00e9placements forc\u00e9s et souffrances humanitaires accrues.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

L\u2019aveu du s\u00e9nateur Ted Cruz concernant le soutien am\u00e9ricain aux frappes isra\u00e9liennes contre l\u2019Iran expose les contradictions de la politique \u00e9trang\u00e8re am\u00e9ricaine. Sa position militariste, teint\u00e9e de convictions religieuses, contraste avec la prudence d\u2019autres voix et r\u00e9v\u00e8le les fractures internes du Parti r\u00e9publicain et du mouvement MAGA.<\/p>\n\n\n\n

Les \u00c9tats-Unis se trouvent \u00e0 un carrefour d\u00e9cisif : entre la mont\u00e9e des tensions, les choix incertains de Trump, et la pression des faucons, les d\u00e9cisions prises dans les semaines \u00e0 venir pourraient d\u00e9terminer l\u2019avenir du conflit Isra\u00ebl-Iran, la position g\u00e9opolitique des \u00c9tats-Unis, et les chances de paix ou de guerre dans l\u2019une des r\u00e9gions les plus explosives au monde.<\/p>\n","post_title":"Isra\u00ebl contr\u00f4le-t-il l\u2019Am\u00e9rique ? Analyse de l\u2019aveu controvers\u00e9 de Ted Cruz sur l\u2019implication des \u00c9tats-Unis dans les frappes contre l\u2019Iran","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"israel-controle-t-il-lamerique-analyse-de-laveu-controverse-de-ted-cruz-sur-limplication-des-etats-unis-dans-les-frappes-contre-liran","to_ping":"","pinged":"","post_modified":"2025-06-28 10:50:31","post_modified_gmt":"2025-06-28 10:50:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=8094","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7845,"post_author":"7","post_date":"2025-05-25 14:57:07","post_date_gmt":"2025-05-25 14:57:07","post_content":"\n

Un agent \u00e9tranger qatari a vers\u00e9 environ 30 000 dollars aux comit\u00e9s de campagne du s\u00e9nateur Lindsey Graham (R-SC) entre 2020 et 2025. Pendant cette p\u00e9riode, le bureau de Graham a accord\u00e9 un acc\u00e8s important au cabinet de lobbying de cet agent afin de soutenir les int\u00e9r\u00eats du Qatar. Cela comprenait plus de 131 \u00e9changes entre le bureau du s\u00e9nateur et l\u2019agent qatari, ainsi que des r\u00e9unions en personne et des appels t\u00e9l\u00e9phoniques avec Graham lui-m\u00eame.<\/p>\n\n\n\n

Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

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Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

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Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

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Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

Page 6 of 7 1 … 5 6 7
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Justifications religieuses et id\u00e9ologiques<\/h2>\n\n\n\n

Le soutien \u00e9vang\u00e9lique \u00e0 Isra\u00ebl<\/h3>\n\n\n\n

Cruz a reconnu que les croyances \u00e9vang\u00e9liques chr\u00e9tiennes \u00e9taient un facteur majeur dans le soutien \u00e0 Isra\u00ebl et l\u2019opposition au r\u00e9gime iranien. Il a \u00e9voqu\u00e9 la th\u00e9ologie dispensationaliste et la promesse biblique selon laquelle \u00ab ceux qui b\u00e9nissent Isra\u00ebl seront b\u00e9nis \u00bb. Cette interpr\u00e9tation religieuse influence fortement les politiques am\u00e9ricaines au Moyen-Orient.<\/p>\n\n\n\n

Implications sur la politique \u00e9trang\u00e8re<\/h3>\n\n\n\n

Si la foi reste un moteur pour certains responsables politiques, les critiques soulignent que cela risque d\u2019\u00e9loigner les d\u00e9cisions des r\u00e9alit\u00e9s g\u00e9opolitiques. Une politique fond\u00e9e sur une id\u00e9ologie ou une th\u00e9ologie peut mener \u00e0 des conflits sans strat\u00e9gie claire ni issue r\u00e9aliste.<\/p>\n\n\n\n

Cons\u00e9quences politiques et divisions internes<\/h2>\n\n\n\n

Une fracture au sein du Parti r\u00e9publicain<\/h3>\n\n\n\n

La position belliciste de Cruz s\u2019oppose \u00e0 la prudence exprim\u00e9e par d\u2019autres r\u00e9publicains, y compris au Texas. L\u00e0 o\u00f9 Cruz appelle au changement de r\u00e9gime, d\u2019autres pr\u00f4nent la diplomatie et mettent en garde contre une nouvelle guerre sans fin. Steve Bannon, ancien strat\u00e8ge de Trump, a critiqu\u00e9 les interventions \u00e0 l\u2019\u00e9tranger, estimant qu\u2019elles affaiblissent la coalition MAGA et d\u00e9tournent l\u2019attention des priorit\u00e9s int\u00e9rieures.<\/p>\n\n\n\n

L\u2019ambigu\u00eft\u00e9 de Trump<\/h3>\n\n\n\n

Le pr\u00e9sident Trump lui-m\u00eame reste ind\u00e9cis. Il envisage, entre autres, de fournir \u00e0 Isra\u00ebl une bombe anti-bunker pour d\u00e9truire les installations nucl\u00e9aires enterr\u00e9es de l\u2019Iran, tout en d\u00e9clarant publiquement : \u00ab Je le ferai peut-\u00eatre, ou peut-\u00eatre pas. \u00bb Cette position refl\u00e8te les d\u00e9bats internes au sein de son \u00e9quipe. Trump a par ailleurs rejet\u00e9 les critiques de Carlson sur Cruz en les qualifiant de \u00ab loufoques \u00bb, illustrant la complexit\u00e9 des rapports de force dans son entourage.<\/p>\n\n\n\n

La compr\u00e9hension du public et ses limites<\/h2>\n\n\n\n

Une ignorance largement r\u00e9pandue<\/h3>\n\n\n\n

Malgr\u00e9 l\u2019enjeu, l\u2019Iran reste mal connu du grand public. En 2020, seulement 23 % des Am\u00e9ricains interrog\u00e9s pouvaient localiser l\u2019Iran sur une carte. Cela met en lumi\u00e8re le d\u00e9calage entre l\u2019opinion publique et la compr\u00e9hension des politiques internationales, et soul\u00e8ve des doutes sur la qualit\u00e9 du d\u00e9bat d\u00e9mocratique autour de l\u2019engagement militaire.<\/p>\n\n\n\n

Les derniers d\u00e9veloppements en 2025<\/h2>\n\n\n\n

Une escalade du conflit Isra\u00ebl-Iran<\/h3>\n\n\n\n

Depuis juin 2025, Isra\u00ebl a intensifi\u00e9 ses attaques contre des cibles militaires iraniennes, notamment le site fortifi\u00e9 de Fordow. L\u2019Iran a r\u00e9pliqu\u00e9 en bombardant des villes isra\u00e9liennes et en lan\u00e7ant des missiles contre des bases et troupes am\u00e9ricaines dans la r\u00e9gion.<\/p>\n\n\n\n

Des projets d\u2019assassinats pr\u00e9sum\u00e9s<\/h3>\n\n\n\n

Des rumeurs font \u00e9tat de tentatives iraniennes d\u2019assassiner Donald Trump, bien que ces all\u00e9gations restent contest\u00e9es. Des responsables isra\u00e9liens ont \u00e9voqu\u00e9 publiquement l\u2019\u00e9limination du guide supr\u00eame iranien, aggravant encore les tensions.<\/p>\n\n\n\n

La posture militaire des \u00c9tats-Unis<\/h3>\n\n\n\n

Les \u00c9tats-Unis ont d\u00e9ploy\u00e9 des navires de guerre et des avions de chasse suppl\u00e9mentaires au Moyen-Orient. Cette mobilisation souligne leur niveau de pr\u00e9paration, alors que le Congr\u00e8s reste divis\u00e9 sur une autorisation formelle d\u2019action militaire.<\/p>\n\n\n\n

Risques li\u00e9s \u00e0 une intervention am\u00e9ricaine<\/h2>\n\n\n\n

Risque d\u2019escalade<\/h3>\n\n\n\n

Une implication directe des \u00c9tats-Unis pourrait transformer le conflit en une guerre r\u00e9gionale, avec des milices pro-iraniennes d\u00e9stabilisant les \u00c9tats voisins. Le risque de repr\u00e9sailles iraniennes contre les troupes ou alli\u00e9s am\u00e9ricains demeure \u00e9lev\u00e9.<\/p>\n\n\n\n

Ambigu\u00eft\u00e9 strat\u00e9gique<\/h3>\n\n\n\n

L\u2019absence de consensus clair au sein du gouvernement am\u00e9ricain et entre ses alli\u00e9s complique les efforts diplomatiques tout en nourrissant les pr\u00e9paratifs militaires.<\/p>\n\n\n\n

Cons\u00e9quences humanitaires<\/h3>\n\n\n\n

Une escalade entra\u00eenerait de lourdes pertes civiles des deux c\u00f4t\u00e9s : morts, bless\u00e9s, d\u00e9placements forc\u00e9s et souffrances humanitaires accrues.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

L\u2019aveu du s\u00e9nateur Ted Cruz concernant le soutien am\u00e9ricain aux frappes isra\u00e9liennes contre l\u2019Iran expose les contradictions de la politique \u00e9trang\u00e8re am\u00e9ricaine. Sa position militariste, teint\u00e9e de convictions religieuses, contraste avec la prudence d\u2019autres voix et r\u00e9v\u00e8le les fractures internes du Parti r\u00e9publicain et du mouvement MAGA.<\/p>\n\n\n\n

Les \u00c9tats-Unis se trouvent \u00e0 un carrefour d\u00e9cisif : entre la mont\u00e9e des tensions, les choix incertains de Trump, et la pression des faucons, les d\u00e9cisions prises dans les semaines \u00e0 venir pourraient d\u00e9terminer l\u2019avenir du conflit Isra\u00ebl-Iran, la position g\u00e9opolitique des \u00c9tats-Unis, et les chances de paix ou de guerre dans l\u2019une des r\u00e9gions les plus explosives au monde.<\/p>\n","post_title":"Isra\u00ebl contr\u00f4le-t-il l\u2019Am\u00e9rique ? Analyse de l\u2019aveu controvers\u00e9 de Ted Cruz sur l\u2019implication des \u00c9tats-Unis dans les frappes contre l\u2019Iran","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"israel-controle-t-il-lamerique-analyse-de-laveu-controverse-de-ted-cruz-sur-limplication-des-etats-unis-dans-les-frappes-contre-liran","to_ping":"","pinged":"","post_modified":"2025-06-28 10:50:31","post_modified_gmt":"2025-06-28 10:50:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=8094","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7845,"post_author":"7","post_date":"2025-05-25 14:57:07","post_date_gmt":"2025-05-25 14:57:07","post_content":"\n

Un agent \u00e9tranger qatari a vers\u00e9 environ 30 000 dollars aux comit\u00e9s de campagne du s\u00e9nateur Lindsey Graham (R-SC) entre 2020 et 2025. Pendant cette p\u00e9riode, le bureau de Graham a accord\u00e9 un acc\u00e8s important au cabinet de lobbying de cet agent afin de soutenir les int\u00e9r\u00eats du Qatar. Cela comprenait plus de 131 \u00e9changes entre le bureau du s\u00e9nateur et l\u2019agent qatari, ainsi que des r\u00e9unions en personne et des appels t\u00e9l\u00e9phoniques avec Graham lui-m\u00eame.<\/p>\n\n\n\n

Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

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Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

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Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

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Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Carlson a accus\u00e9 Cruz et d\u2019autres alli\u00e9s de Trump de chercher \u00e0 entra\u00eener les \u00c9tats-Unis dans un conflit co\u00fbteux. Il a m\u00eame cit\u00e9 des figures m\u00e9diatiques comme Sean Hannity et Rupert Murdoch comme appartenant \u00e0 une clique de \u00ab fauteurs de guerre \u00bb qui poussent \u00e0 un affrontement avec l\u2019Iran. Cruz a d\u00e9fendu sa position, tout en \u00e9tant critiqu\u00e9 pour avoir m\u00e9lang\u00e9 convictions religieuses et strat\u00e9gie militaire.<\/p>\n\n\n\n

Justifications religieuses et id\u00e9ologiques<\/h2>\n\n\n\n

Le soutien \u00e9vang\u00e9lique \u00e0 Isra\u00ebl<\/h3>\n\n\n\n

Cruz a reconnu que les croyances \u00e9vang\u00e9liques chr\u00e9tiennes \u00e9taient un facteur majeur dans le soutien \u00e0 Isra\u00ebl et l\u2019opposition au r\u00e9gime iranien. Il a \u00e9voqu\u00e9 la th\u00e9ologie dispensationaliste et la promesse biblique selon laquelle \u00ab ceux qui b\u00e9nissent Isra\u00ebl seront b\u00e9nis \u00bb. Cette interpr\u00e9tation religieuse influence fortement les politiques am\u00e9ricaines au Moyen-Orient.<\/p>\n\n\n\n

Implications sur la politique \u00e9trang\u00e8re<\/h3>\n\n\n\n

Si la foi reste un moteur pour certains responsables politiques, les critiques soulignent que cela risque d\u2019\u00e9loigner les d\u00e9cisions des r\u00e9alit\u00e9s g\u00e9opolitiques. Une politique fond\u00e9e sur une id\u00e9ologie ou une th\u00e9ologie peut mener \u00e0 des conflits sans strat\u00e9gie claire ni issue r\u00e9aliste.<\/p>\n\n\n\n

Cons\u00e9quences politiques et divisions internes<\/h2>\n\n\n\n

Une fracture au sein du Parti r\u00e9publicain<\/h3>\n\n\n\n

La position belliciste de Cruz s\u2019oppose \u00e0 la prudence exprim\u00e9e par d\u2019autres r\u00e9publicains, y compris au Texas. L\u00e0 o\u00f9 Cruz appelle au changement de r\u00e9gime, d\u2019autres pr\u00f4nent la diplomatie et mettent en garde contre une nouvelle guerre sans fin. Steve Bannon, ancien strat\u00e8ge de Trump, a critiqu\u00e9 les interventions \u00e0 l\u2019\u00e9tranger, estimant qu\u2019elles affaiblissent la coalition MAGA et d\u00e9tournent l\u2019attention des priorit\u00e9s int\u00e9rieures.<\/p>\n\n\n\n

L\u2019ambigu\u00eft\u00e9 de Trump<\/h3>\n\n\n\n

Le pr\u00e9sident Trump lui-m\u00eame reste ind\u00e9cis. Il envisage, entre autres, de fournir \u00e0 Isra\u00ebl une bombe anti-bunker pour d\u00e9truire les installations nucl\u00e9aires enterr\u00e9es de l\u2019Iran, tout en d\u00e9clarant publiquement : \u00ab Je le ferai peut-\u00eatre, ou peut-\u00eatre pas. \u00bb Cette position refl\u00e8te les d\u00e9bats internes au sein de son \u00e9quipe. Trump a par ailleurs rejet\u00e9 les critiques de Carlson sur Cruz en les qualifiant de \u00ab loufoques \u00bb, illustrant la complexit\u00e9 des rapports de force dans son entourage.<\/p>\n\n\n\n

La compr\u00e9hension du public et ses limites<\/h2>\n\n\n\n

Une ignorance largement r\u00e9pandue<\/h3>\n\n\n\n

Malgr\u00e9 l\u2019enjeu, l\u2019Iran reste mal connu du grand public. En 2020, seulement 23 % des Am\u00e9ricains interrog\u00e9s pouvaient localiser l\u2019Iran sur une carte. Cela met en lumi\u00e8re le d\u00e9calage entre l\u2019opinion publique et la compr\u00e9hension des politiques internationales, et soul\u00e8ve des doutes sur la qualit\u00e9 du d\u00e9bat d\u00e9mocratique autour de l\u2019engagement militaire.<\/p>\n\n\n\n

Les derniers d\u00e9veloppements en 2025<\/h2>\n\n\n\n

Une escalade du conflit Isra\u00ebl-Iran<\/h3>\n\n\n\n

Depuis juin 2025, Isra\u00ebl a intensifi\u00e9 ses attaques contre des cibles militaires iraniennes, notamment le site fortifi\u00e9 de Fordow. L\u2019Iran a r\u00e9pliqu\u00e9 en bombardant des villes isra\u00e9liennes et en lan\u00e7ant des missiles contre des bases et troupes am\u00e9ricaines dans la r\u00e9gion.<\/p>\n\n\n\n

Des projets d\u2019assassinats pr\u00e9sum\u00e9s<\/h3>\n\n\n\n

Des rumeurs font \u00e9tat de tentatives iraniennes d\u2019assassiner Donald Trump, bien que ces all\u00e9gations restent contest\u00e9es. Des responsables isra\u00e9liens ont \u00e9voqu\u00e9 publiquement l\u2019\u00e9limination du guide supr\u00eame iranien, aggravant encore les tensions.<\/p>\n\n\n\n

La posture militaire des \u00c9tats-Unis<\/h3>\n\n\n\n

Les \u00c9tats-Unis ont d\u00e9ploy\u00e9 des navires de guerre et des avions de chasse suppl\u00e9mentaires au Moyen-Orient. Cette mobilisation souligne leur niveau de pr\u00e9paration, alors que le Congr\u00e8s reste divis\u00e9 sur une autorisation formelle d\u2019action militaire.<\/p>\n\n\n\n

Risques li\u00e9s \u00e0 une intervention am\u00e9ricaine<\/h2>\n\n\n\n

Risque d\u2019escalade<\/h3>\n\n\n\n

Une implication directe des \u00c9tats-Unis pourrait transformer le conflit en une guerre r\u00e9gionale, avec des milices pro-iraniennes d\u00e9stabilisant les \u00c9tats voisins. Le risque de repr\u00e9sailles iraniennes contre les troupes ou alli\u00e9s am\u00e9ricains demeure \u00e9lev\u00e9.<\/p>\n\n\n\n

Ambigu\u00eft\u00e9 strat\u00e9gique<\/h3>\n\n\n\n

L\u2019absence de consensus clair au sein du gouvernement am\u00e9ricain et entre ses alli\u00e9s complique les efforts diplomatiques tout en nourrissant les pr\u00e9paratifs militaires.<\/p>\n\n\n\n

Cons\u00e9quences humanitaires<\/h3>\n\n\n\n

Une escalade entra\u00eenerait de lourdes pertes civiles des deux c\u00f4t\u00e9s : morts, bless\u00e9s, d\u00e9placements forc\u00e9s et souffrances humanitaires accrues.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

L\u2019aveu du s\u00e9nateur Ted Cruz concernant le soutien am\u00e9ricain aux frappes isra\u00e9liennes contre l\u2019Iran expose les contradictions de la politique \u00e9trang\u00e8re am\u00e9ricaine. Sa position militariste, teint\u00e9e de convictions religieuses, contraste avec la prudence d\u2019autres voix et r\u00e9v\u00e8le les fractures internes du Parti r\u00e9publicain et du mouvement MAGA.<\/p>\n\n\n\n

Les \u00c9tats-Unis se trouvent \u00e0 un carrefour d\u00e9cisif : entre la mont\u00e9e des tensions, les choix incertains de Trump, et la pression des faucons, les d\u00e9cisions prises dans les semaines \u00e0 venir pourraient d\u00e9terminer l\u2019avenir du conflit Isra\u00ebl-Iran, la position g\u00e9opolitique des \u00c9tats-Unis, et les chances de paix ou de guerre dans l\u2019une des r\u00e9gions les plus explosives au monde.<\/p>\n","post_title":"Isra\u00ebl contr\u00f4le-t-il l\u2019Am\u00e9rique ? Analyse de l\u2019aveu controvers\u00e9 de Ted Cruz sur l\u2019implication des \u00c9tats-Unis dans les frappes contre l\u2019Iran","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"israel-controle-t-il-lamerique-analyse-de-laveu-controverse-de-ted-cruz-sur-limplication-des-etats-unis-dans-les-frappes-contre-liran","to_ping":"","pinged":"","post_modified":"2025-06-28 10:50:31","post_modified_gmt":"2025-06-28 10:50:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=8094","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7845,"post_author":"7","post_date":"2025-05-25 14:57:07","post_date_gmt":"2025-05-25 14:57:07","post_content":"\n

Un agent \u00e9tranger qatari a vers\u00e9 environ 30 000 dollars aux comit\u00e9s de campagne du s\u00e9nateur Lindsey Graham (R-SC) entre 2020 et 2025. Pendant cette p\u00e9riode, le bureau de Graham a accord\u00e9 un acc\u00e8s important au cabinet de lobbying de cet agent afin de soutenir les int\u00e9r\u00eats du Qatar. Cela comprenait plus de 131 \u00e9changes entre le bureau du s\u00e9nateur et l\u2019agent qatari, ainsi que des r\u00e9unions en personne et des appels t\u00e9l\u00e9phoniques avec Graham lui-m\u00eame.<\/p>\n\n\n\n

Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

Page 6 of 7 1 … 5 6 7
\n

Accusations de bellicisme<\/h3>\n\n\n\n

Carlson a accus\u00e9 Cruz et d\u2019autres alli\u00e9s de Trump de chercher \u00e0 entra\u00eener les \u00c9tats-Unis dans un conflit co\u00fbteux. Il a m\u00eame cit\u00e9 des figures m\u00e9diatiques comme Sean Hannity et Rupert Murdoch comme appartenant \u00e0 une clique de \u00ab fauteurs de guerre \u00bb qui poussent \u00e0 un affrontement avec l\u2019Iran. Cruz a d\u00e9fendu sa position, tout en \u00e9tant critiqu\u00e9 pour avoir m\u00e9lang\u00e9 convictions religieuses et strat\u00e9gie militaire.<\/p>\n\n\n\n

Justifications religieuses et id\u00e9ologiques<\/h2>\n\n\n\n

Le soutien \u00e9vang\u00e9lique \u00e0 Isra\u00ebl<\/h3>\n\n\n\n

Cruz a reconnu que les croyances \u00e9vang\u00e9liques chr\u00e9tiennes \u00e9taient un facteur majeur dans le soutien \u00e0 Isra\u00ebl et l\u2019opposition au r\u00e9gime iranien. Il a \u00e9voqu\u00e9 la th\u00e9ologie dispensationaliste et la promesse biblique selon laquelle \u00ab ceux qui b\u00e9nissent Isra\u00ebl seront b\u00e9nis \u00bb. Cette interpr\u00e9tation religieuse influence fortement les politiques am\u00e9ricaines au Moyen-Orient.<\/p>\n\n\n\n

Implications sur la politique \u00e9trang\u00e8re<\/h3>\n\n\n\n

Si la foi reste un moteur pour certains responsables politiques, les critiques soulignent que cela risque d\u2019\u00e9loigner les d\u00e9cisions des r\u00e9alit\u00e9s g\u00e9opolitiques. Une politique fond\u00e9e sur une id\u00e9ologie ou une th\u00e9ologie peut mener \u00e0 des conflits sans strat\u00e9gie claire ni issue r\u00e9aliste.<\/p>\n\n\n\n

Cons\u00e9quences politiques et divisions internes<\/h2>\n\n\n\n

Une fracture au sein du Parti r\u00e9publicain<\/h3>\n\n\n\n

La position belliciste de Cruz s\u2019oppose \u00e0 la prudence exprim\u00e9e par d\u2019autres r\u00e9publicains, y compris au Texas. L\u00e0 o\u00f9 Cruz appelle au changement de r\u00e9gime, d\u2019autres pr\u00f4nent la diplomatie et mettent en garde contre une nouvelle guerre sans fin. Steve Bannon, ancien strat\u00e8ge de Trump, a critiqu\u00e9 les interventions \u00e0 l\u2019\u00e9tranger, estimant qu\u2019elles affaiblissent la coalition MAGA et d\u00e9tournent l\u2019attention des priorit\u00e9s int\u00e9rieures.<\/p>\n\n\n\n

L\u2019ambigu\u00eft\u00e9 de Trump<\/h3>\n\n\n\n

Le pr\u00e9sident Trump lui-m\u00eame reste ind\u00e9cis. Il envisage, entre autres, de fournir \u00e0 Isra\u00ebl une bombe anti-bunker pour d\u00e9truire les installations nucl\u00e9aires enterr\u00e9es de l\u2019Iran, tout en d\u00e9clarant publiquement : \u00ab Je le ferai peut-\u00eatre, ou peut-\u00eatre pas. \u00bb Cette position refl\u00e8te les d\u00e9bats internes au sein de son \u00e9quipe. Trump a par ailleurs rejet\u00e9 les critiques de Carlson sur Cruz en les qualifiant de \u00ab loufoques \u00bb, illustrant la complexit\u00e9 des rapports de force dans son entourage.<\/p>\n\n\n\n

La compr\u00e9hension du public et ses limites<\/h2>\n\n\n\n

Une ignorance largement r\u00e9pandue<\/h3>\n\n\n\n

Malgr\u00e9 l\u2019enjeu, l\u2019Iran reste mal connu du grand public. En 2020, seulement 23 % des Am\u00e9ricains interrog\u00e9s pouvaient localiser l\u2019Iran sur une carte. Cela met en lumi\u00e8re le d\u00e9calage entre l\u2019opinion publique et la compr\u00e9hension des politiques internationales, et soul\u00e8ve des doutes sur la qualit\u00e9 du d\u00e9bat d\u00e9mocratique autour de l\u2019engagement militaire.<\/p>\n\n\n\n

Les derniers d\u00e9veloppements en 2025<\/h2>\n\n\n\n

Une escalade du conflit Isra\u00ebl-Iran<\/h3>\n\n\n\n

Depuis juin 2025, Isra\u00ebl a intensifi\u00e9 ses attaques contre des cibles militaires iraniennes, notamment le site fortifi\u00e9 de Fordow. L\u2019Iran a r\u00e9pliqu\u00e9 en bombardant des villes isra\u00e9liennes et en lan\u00e7ant des missiles contre des bases et troupes am\u00e9ricaines dans la r\u00e9gion.<\/p>\n\n\n\n

Des projets d\u2019assassinats pr\u00e9sum\u00e9s<\/h3>\n\n\n\n

Des rumeurs font \u00e9tat de tentatives iraniennes d\u2019assassiner Donald Trump, bien que ces all\u00e9gations restent contest\u00e9es. Des responsables isra\u00e9liens ont \u00e9voqu\u00e9 publiquement l\u2019\u00e9limination du guide supr\u00eame iranien, aggravant encore les tensions.<\/p>\n\n\n\n

La posture militaire des \u00c9tats-Unis<\/h3>\n\n\n\n

Les \u00c9tats-Unis ont d\u00e9ploy\u00e9 des navires de guerre et des avions de chasse suppl\u00e9mentaires au Moyen-Orient. Cette mobilisation souligne leur niveau de pr\u00e9paration, alors que le Congr\u00e8s reste divis\u00e9 sur une autorisation formelle d\u2019action militaire.<\/p>\n\n\n\n

Risques li\u00e9s \u00e0 une intervention am\u00e9ricaine<\/h2>\n\n\n\n

Risque d\u2019escalade<\/h3>\n\n\n\n

Une implication directe des \u00c9tats-Unis pourrait transformer le conflit en une guerre r\u00e9gionale, avec des milices pro-iraniennes d\u00e9stabilisant les \u00c9tats voisins. Le risque de repr\u00e9sailles iraniennes contre les troupes ou alli\u00e9s am\u00e9ricains demeure \u00e9lev\u00e9.<\/p>\n\n\n\n

Ambigu\u00eft\u00e9 strat\u00e9gique<\/h3>\n\n\n\n

L\u2019absence de consensus clair au sein du gouvernement am\u00e9ricain et entre ses alli\u00e9s complique les efforts diplomatiques tout en nourrissant les pr\u00e9paratifs militaires.<\/p>\n\n\n\n

Cons\u00e9quences humanitaires<\/h3>\n\n\n\n

Une escalade entra\u00eenerait de lourdes pertes civiles des deux c\u00f4t\u00e9s : morts, bless\u00e9s, d\u00e9placements forc\u00e9s et souffrances humanitaires accrues.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

L\u2019aveu du s\u00e9nateur Ted Cruz concernant le soutien am\u00e9ricain aux frappes isra\u00e9liennes contre l\u2019Iran expose les contradictions de la politique \u00e9trang\u00e8re am\u00e9ricaine. Sa position militariste, teint\u00e9e de convictions religieuses, contraste avec la prudence d\u2019autres voix et r\u00e9v\u00e8le les fractures internes du Parti r\u00e9publicain et du mouvement MAGA.<\/p>\n\n\n\n

Les \u00c9tats-Unis se trouvent \u00e0 un carrefour d\u00e9cisif : entre la mont\u00e9e des tensions, les choix incertains de Trump, et la pression des faucons, les d\u00e9cisions prises dans les semaines \u00e0 venir pourraient d\u00e9terminer l\u2019avenir du conflit Isra\u00ebl-Iran, la position g\u00e9opolitique des \u00c9tats-Unis, et les chances de paix ou de guerre dans l\u2019une des r\u00e9gions les plus explosives au monde.<\/p>\n","post_title":"Isra\u00ebl contr\u00f4le-t-il l\u2019Am\u00e9rique ? Analyse de l\u2019aveu controvers\u00e9 de Ted Cruz sur l\u2019implication des \u00c9tats-Unis dans les frappes contre l\u2019Iran","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"israel-controle-t-il-lamerique-analyse-de-laveu-controverse-de-ted-cruz-sur-limplication-des-etats-unis-dans-les-frappes-contre-liran","to_ping":"","pinged":"","post_modified":"2025-06-28 10:50:31","post_modified_gmt":"2025-06-28 10:50:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=8094","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7845,"post_author":"7","post_date":"2025-05-25 14:57:07","post_date_gmt":"2025-05-25 14:57:07","post_content":"\n

Un agent \u00e9tranger qatari a vers\u00e9 environ 30 000 dollars aux comit\u00e9s de campagne du s\u00e9nateur Lindsey Graham (R-SC) entre 2020 et 2025. Pendant cette p\u00e9riode, le bureau de Graham a accord\u00e9 un acc\u00e8s important au cabinet de lobbying de cet agent afin de soutenir les int\u00e9r\u00eats du Qatar. Cela comprenait plus de 131 \u00e9changes entre le bureau du s\u00e9nateur et l\u2019agent qatari, ainsi que des r\u00e9unions en personne et des appels t\u00e9l\u00e9phoniques avec Graham lui-m\u00eame.<\/p>\n\n\n\n

Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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Cet \u00e9change r\u00e9v\u00e8le une inqui\u00e9tude plus large sur le manque de comp\u00e9tence ou de compr\u00e9hension des \u00e9lus qui plaident pour la guerre, et soul\u00e8ve des questions fondamentales sur la l\u00e9gitimit\u00e9 de telles prises de position.<\/p>\n\n\n\n

Accusations de bellicisme<\/h3>\n\n\n\n

Carlson a accus\u00e9 Cruz et d\u2019autres alli\u00e9s de Trump de chercher \u00e0 entra\u00eener les \u00c9tats-Unis dans un conflit co\u00fbteux. Il a m\u00eame cit\u00e9 des figures m\u00e9diatiques comme Sean Hannity et Rupert Murdoch comme appartenant \u00e0 une clique de \u00ab fauteurs de guerre \u00bb qui poussent \u00e0 un affrontement avec l\u2019Iran. Cruz a d\u00e9fendu sa position, tout en \u00e9tant critiqu\u00e9 pour avoir m\u00e9lang\u00e9 convictions religieuses et strat\u00e9gie militaire.<\/p>\n\n\n\n

Justifications religieuses et id\u00e9ologiques<\/h2>\n\n\n\n

Le soutien \u00e9vang\u00e9lique \u00e0 Isra\u00ebl<\/h3>\n\n\n\n

Cruz a reconnu que les croyances \u00e9vang\u00e9liques chr\u00e9tiennes \u00e9taient un facteur majeur dans le soutien \u00e0 Isra\u00ebl et l\u2019opposition au r\u00e9gime iranien. Il a \u00e9voqu\u00e9 la th\u00e9ologie dispensationaliste et la promesse biblique selon laquelle \u00ab ceux qui b\u00e9nissent Isra\u00ebl seront b\u00e9nis \u00bb. Cette interpr\u00e9tation religieuse influence fortement les politiques am\u00e9ricaines au Moyen-Orient.<\/p>\n\n\n\n

Implications sur la politique \u00e9trang\u00e8re<\/h3>\n\n\n\n

Si la foi reste un moteur pour certains responsables politiques, les critiques soulignent que cela risque d\u2019\u00e9loigner les d\u00e9cisions des r\u00e9alit\u00e9s g\u00e9opolitiques. Une politique fond\u00e9e sur une id\u00e9ologie ou une th\u00e9ologie peut mener \u00e0 des conflits sans strat\u00e9gie claire ni issue r\u00e9aliste.<\/p>\n\n\n\n

Cons\u00e9quences politiques et divisions internes<\/h2>\n\n\n\n

Une fracture au sein du Parti r\u00e9publicain<\/h3>\n\n\n\n

La position belliciste de Cruz s\u2019oppose \u00e0 la prudence exprim\u00e9e par d\u2019autres r\u00e9publicains, y compris au Texas. L\u00e0 o\u00f9 Cruz appelle au changement de r\u00e9gime, d\u2019autres pr\u00f4nent la diplomatie et mettent en garde contre une nouvelle guerre sans fin. Steve Bannon, ancien strat\u00e8ge de Trump, a critiqu\u00e9 les interventions \u00e0 l\u2019\u00e9tranger, estimant qu\u2019elles affaiblissent la coalition MAGA et d\u00e9tournent l\u2019attention des priorit\u00e9s int\u00e9rieures.<\/p>\n\n\n\n

L\u2019ambigu\u00eft\u00e9 de Trump<\/h3>\n\n\n\n

Le pr\u00e9sident Trump lui-m\u00eame reste ind\u00e9cis. Il envisage, entre autres, de fournir \u00e0 Isra\u00ebl une bombe anti-bunker pour d\u00e9truire les installations nucl\u00e9aires enterr\u00e9es de l\u2019Iran, tout en d\u00e9clarant publiquement : \u00ab Je le ferai peut-\u00eatre, ou peut-\u00eatre pas. \u00bb Cette position refl\u00e8te les d\u00e9bats internes au sein de son \u00e9quipe. Trump a par ailleurs rejet\u00e9 les critiques de Carlson sur Cruz en les qualifiant de \u00ab loufoques \u00bb, illustrant la complexit\u00e9 des rapports de force dans son entourage.<\/p>\n\n\n\n

La compr\u00e9hension du public et ses limites<\/h2>\n\n\n\n

Une ignorance largement r\u00e9pandue<\/h3>\n\n\n\n

Malgr\u00e9 l\u2019enjeu, l\u2019Iran reste mal connu du grand public. En 2020, seulement 23 % des Am\u00e9ricains interrog\u00e9s pouvaient localiser l\u2019Iran sur une carte. Cela met en lumi\u00e8re le d\u00e9calage entre l\u2019opinion publique et la compr\u00e9hension des politiques internationales, et soul\u00e8ve des doutes sur la qualit\u00e9 du d\u00e9bat d\u00e9mocratique autour de l\u2019engagement militaire.<\/p>\n\n\n\n

Les derniers d\u00e9veloppements en 2025<\/h2>\n\n\n\n

Une escalade du conflit Isra\u00ebl-Iran<\/h3>\n\n\n\n

Depuis juin 2025, Isra\u00ebl a intensifi\u00e9 ses attaques contre des cibles militaires iraniennes, notamment le site fortifi\u00e9 de Fordow. L\u2019Iran a r\u00e9pliqu\u00e9 en bombardant des villes isra\u00e9liennes et en lan\u00e7ant des missiles contre des bases et troupes am\u00e9ricaines dans la r\u00e9gion.<\/p>\n\n\n\n

Des projets d\u2019assassinats pr\u00e9sum\u00e9s<\/h3>\n\n\n\n

Des rumeurs font \u00e9tat de tentatives iraniennes d\u2019assassiner Donald Trump, bien que ces all\u00e9gations restent contest\u00e9es. Des responsables isra\u00e9liens ont \u00e9voqu\u00e9 publiquement l\u2019\u00e9limination du guide supr\u00eame iranien, aggravant encore les tensions.<\/p>\n\n\n\n

La posture militaire des \u00c9tats-Unis<\/h3>\n\n\n\n

Les \u00c9tats-Unis ont d\u00e9ploy\u00e9 des navires de guerre et des avions de chasse suppl\u00e9mentaires au Moyen-Orient. Cette mobilisation souligne leur niveau de pr\u00e9paration, alors que le Congr\u00e8s reste divis\u00e9 sur une autorisation formelle d\u2019action militaire.<\/p>\n\n\n\n

Risques li\u00e9s \u00e0 une intervention am\u00e9ricaine<\/h2>\n\n\n\n

Risque d\u2019escalade<\/h3>\n\n\n\n

Une implication directe des \u00c9tats-Unis pourrait transformer le conflit en une guerre r\u00e9gionale, avec des milices pro-iraniennes d\u00e9stabilisant les \u00c9tats voisins. Le risque de repr\u00e9sailles iraniennes contre les troupes ou alli\u00e9s am\u00e9ricains demeure \u00e9lev\u00e9.<\/p>\n\n\n\n

Ambigu\u00eft\u00e9 strat\u00e9gique<\/h3>\n\n\n\n

L\u2019absence de consensus clair au sein du gouvernement am\u00e9ricain et entre ses alli\u00e9s complique les efforts diplomatiques tout en nourrissant les pr\u00e9paratifs militaires.<\/p>\n\n\n\n

Cons\u00e9quences humanitaires<\/h3>\n\n\n\n

Une escalade entra\u00eenerait de lourdes pertes civiles des deux c\u00f4t\u00e9s : morts, bless\u00e9s, d\u00e9placements forc\u00e9s et souffrances humanitaires accrues.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

L\u2019aveu du s\u00e9nateur Ted Cruz concernant le soutien am\u00e9ricain aux frappes isra\u00e9liennes contre l\u2019Iran expose les contradictions de la politique \u00e9trang\u00e8re am\u00e9ricaine. Sa position militariste, teint\u00e9e de convictions religieuses, contraste avec la prudence d\u2019autres voix et r\u00e9v\u00e8le les fractures internes du Parti r\u00e9publicain et du mouvement MAGA.<\/p>\n\n\n\n

Les \u00c9tats-Unis se trouvent \u00e0 un carrefour d\u00e9cisif : entre la mont\u00e9e des tensions, les choix incertains de Trump, et la pression des faucons, les d\u00e9cisions prises dans les semaines \u00e0 venir pourraient d\u00e9terminer l\u2019avenir du conflit Isra\u00ebl-Iran, la position g\u00e9opolitique des \u00c9tats-Unis, et les chances de paix ou de guerre dans l\u2019une des r\u00e9gions les plus explosives au monde.<\/p>\n","post_title":"Isra\u00ebl contr\u00f4le-t-il l\u2019Am\u00e9rique ? Analyse de l\u2019aveu controvers\u00e9 de Ted Cruz sur l\u2019implication des \u00c9tats-Unis dans les frappes contre l\u2019Iran","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"israel-controle-t-il-lamerique-analyse-de-laveu-controverse-de-ted-cruz-sur-limplication-des-etats-unis-dans-les-frappes-contre-liran","to_ping":"","pinged":"","post_modified":"2025-06-28 10:50:31","post_modified_gmt":"2025-06-28 10:50:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=8094","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7845,"post_author":"7","post_date":"2025-05-25 14:57:07","post_date_gmt":"2025-05-25 14:57:07","post_content":"\n

Un agent \u00e9tranger qatari a vers\u00e9 environ 30 000 dollars aux comit\u00e9s de campagne du s\u00e9nateur Lindsey Graham (R-SC) entre 2020 et 2025. Pendant cette p\u00e9riode, le bureau de Graham a accord\u00e9 un acc\u00e8s important au cabinet de lobbying de cet agent afin de soutenir les int\u00e9r\u00eats du Qatar. Cela comprenait plus de 131 \u00e9changes entre le bureau du s\u00e9nateur et l\u2019agent qatari, ainsi que des r\u00e9unions en personne et des appels t\u00e9l\u00e9phoniques avec Graham lui-m\u00eame.<\/p>\n\n\n\n

Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

Page 6 of 7 1 … 5 6 7
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L\u2019entretien entre Cruz et Carlson a marqu\u00e9 un tournant dans les tensions internes au sein du mouvement MAGA. Carlson, oppos\u00e9 \u00e0 toute implication militaire \u00e9trang\u00e8re, a interrog\u00e9 Cruz sur ses connaissances de base concernant l\u2019Iran, comme la population ou la composition religieuse. Cruz a reconnu ne pas conna\u00eetre ces donn\u00e9es, ce \u00e0 quoi Carlson a r\u00e9pondu : \u00ab Vous ne connaissez m\u00eame pas la population du pays que vous voulez d\u00e9truire ? \u00bb<\/p>\n\n\n\n

Cet \u00e9change r\u00e9v\u00e8le une inqui\u00e9tude plus large sur le manque de comp\u00e9tence ou de compr\u00e9hension des \u00e9lus qui plaident pour la guerre, et soul\u00e8ve des questions fondamentales sur la l\u00e9gitimit\u00e9 de telles prises de position.<\/p>\n\n\n\n

Accusations de bellicisme<\/h3>\n\n\n\n

Carlson a accus\u00e9 Cruz et d\u2019autres alli\u00e9s de Trump de chercher \u00e0 entra\u00eener les \u00c9tats-Unis dans un conflit co\u00fbteux. Il a m\u00eame cit\u00e9 des figures m\u00e9diatiques comme Sean Hannity et Rupert Murdoch comme appartenant \u00e0 une clique de \u00ab fauteurs de guerre \u00bb qui poussent \u00e0 un affrontement avec l\u2019Iran. Cruz a d\u00e9fendu sa position, tout en \u00e9tant critiqu\u00e9 pour avoir m\u00e9lang\u00e9 convictions religieuses et strat\u00e9gie militaire.<\/p>\n\n\n\n

Justifications religieuses et id\u00e9ologiques<\/h2>\n\n\n\n

Le soutien \u00e9vang\u00e9lique \u00e0 Isra\u00ebl<\/h3>\n\n\n\n

Cruz a reconnu que les croyances \u00e9vang\u00e9liques chr\u00e9tiennes \u00e9taient un facteur majeur dans le soutien \u00e0 Isra\u00ebl et l\u2019opposition au r\u00e9gime iranien. Il a \u00e9voqu\u00e9 la th\u00e9ologie dispensationaliste et la promesse biblique selon laquelle \u00ab ceux qui b\u00e9nissent Isra\u00ebl seront b\u00e9nis \u00bb. Cette interpr\u00e9tation religieuse influence fortement les politiques am\u00e9ricaines au Moyen-Orient.<\/p>\n\n\n\n

Implications sur la politique \u00e9trang\u00e8re<\/h3>\n\n\n\n

Si la foi reste un moteur pour certains responsables politiques, les critiques soulignent que cela risque d\u2019\u00e9loigner les d\u00e9cisions des r\u00e9alit\u00e9s g\u00e9opolitiques. Une politique fond\u00e9e sur une id\u00e9ologie ou une th\u00e9ologie peut mener \u00e0 des conflits sans strat\u00e9gie claire ni issue r\u00e9aliste.<\/p>\n\n\n\n

Cons\u00e9quences politiques et divisions internes<\/h2>\n\n\n\n

Une fracture au sein du Parti r\u00e9publicain<\/h3>\n\n\n\n

La position belliciste de Cruz s\u2019oppose \u00e0 la prudence exprim\u00e9e par d\u2019autres r\u00e9publicains, y compris au Texas. L\u00e0 o\u00f9 Cruz appelle au changement de r\u00e9gime, d\u2019autres pr\u00f4nent la diplomatie et mettent en garde contre une nouvelle guerre sans fin. Steve Bannon, ancien strat\u00e8ge de Trump, a critiqu\u00e9 les interventions \u00e0 l\u2019\u00e9tranger, estimant qu\u2019elles affaiblissent la coalition MAGA et d\u00e9tournent l\u2019attention des priorit\u00e9s int\u00e9rieures.<\/p>\n\n\n\n

L\u2019ambigu\u00eft\u00e9 de Trump<\/h3>\n\n\n\n

Le pr\u00e9sident Trump lui-m\u00eame reste ind\u00e9cis. Il envisage, entre autres, de fournir \u00e0 Isra\u00ebl une bombe anti-bunker pour d\u00e9truire les installations nucl\u00e9aires enterr\u00e9es de l\u2019Iran, tout en d\u00e9clarant publiquement : \u00ab Je le ferai peut-\u00eatre, ou peut-\u00eatre pas. \u00bb Cette position refl\u00e8te les d\u00e9bats internes au sein de son \u00e9quipe. Trump a par ailleurs rejet\u00e9 les critiques de Carlson sur Cruz en les qualifiant de \u00ab loufoques \u00bb, illustrant la complexit\u00e9 des rapports de force dans son entourage.<\/p>\n\n\n\n

La compr\u00e9hension du public et ses limites<\/h2>\n\n\n\n

Une ignorance largement r\u00e9pandue<\/h3>\n\n\n\n

Malgr\u00e9 l\u2019enjeu, l\u2019Iran reste mal connu du grand public. En 2020, seulement 23 % des Am\u00e9ricains interrog\u00e9s pouvaient localiser l\u2019Iran sur une carte. Cela met en lumi\u00e8re le d\u00e9calage entre l\u2019opinion publique et la compr\u00e9hension des politiques internationales, et soul\u00e8ve des doutes sur la qualit\u00e9 du d\u00e9bat d\u00e9mocratique autour de l\u2019engagement militaire.<\/p>\n\n\n\n

Les derniers d\u00e9veloppements en 2025<\/h2>\n\n\n\n

Une escalade du conflit Isra\u00ebl-Iran<\/h3>\n\n\n\n

Depuis juin 2025, Isra\u00ebl a intensifi\u00e9 ses attaques contre des cibles militaires iraniennes, notamment le site fortifi\u00e9 de Fordow. L\u2019Iran a r\u00e9pliqu\u00e9 en bombardant des villes isra\u00e9liennes et en lan\u00e7ant des missiles contre des bases et troupes am\u00e9ricaines dans la r\u00e9gion.<\/p>\n\n\n\n

Des projets d\u2019assassinats pr\u00e9sum\u00e9s<\/h3>\n\n\n\n

Des rumeurs font \u00e9tat de tentatives iraniennes d\u2019assassiner Donald Trump, bien que ces all\u00e9gations restent contest\u00e9es. Des responsables isra\u00e9liens ont \u00e9voqu\u00e9 publiquement l\u2019\u00e9limination du guide supr\u00eame iranien, aggravant encore les tensions.<\/p>\n\n\n\n

La posture militaire des \u00c9tats-Unis<\/h3>\n\n\n\n

Les \u00c9tats-Unis ont d\u00e9ploy\u00e9 des navires de guerre et des avions de chasse suppl\u00e9mentaires au Moyen-Orient. Cette mobilisation souligne leur niveau de pr\u00e9paration, alors que le Congr\u00e8s reste divis\u00e9 sur une autorisation formelle d\u2019action militaire.<\/p>\n\n\n\n

Risques li\u00e9s \u00e0 une intervention am\u00e9ricaine<\/h2>\n\n\n\n

Risque d\u2019escalade<\/h3>\n\n\n\n

Une implication directe des \u00c9tats-Unis pourrait transformer le conflit en une guerre r\u00e9gionale, avec des milices pro-iraniennes d\u00e9stabilisant les \u00c9tats voisins. Le risque de repr\u00e9sailles iraniennes contre les troupes ou alli\u00e9s am\u00e9ricains demeure \u00e9lev\u00e9.<\/p>\n\n\n\n

Ambigu\u00eft\u00e9 strat\u00e9gique<\/h3>\n\n\n\n

L\u2019absence de consensus clair au sein du gouvernement am\u00e9ricain et entre ses alli\u00e9s complique les efforts diplomatiques tout en nourrissant les pr\u00e9paratifs militaires.<\/p>\n\n\n\n

Cons\u00e9quences humanitaires<\/h3>\n\n\n\n

Une escalade entra\u00eenerait de lourdes pertes civiles des deux c\u00f4t\u00e9s : morts, bless\u00e9s, d\u00e9placements forc\u00e9s et souffrances humanitaires accrues.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

L\u2019aveu du s\u00e9nateur Ted Cruz concernant le soutien am\u00e9ricain aux frappes isra\u00e9liennes contre l\u2019Iran expose les contradictions de la politique \u00e9trang\u00e8re am\u00e9ricaine. Sa position militariste, teint\u00e9e de convictions religieuses, contraste avec la prudence d\u2019autres voix et r\u00e9v\u00e8le les fractures internes du Parti r\u00e9publicain et du mouvement MAGA.<\/p>\n\n\n\n

Les \u00c9tats-Unis se trouvent \u00e0 un carrefour d\u00e9cisif : entre la mont\u00e9e des tensions, les choix incertains de Trump, et la pression des faucons, les d\u00e9cisions prises dans les semaines \u00e0 venir pourraient d\u00e9terminer l\u2019avenir du conflit Isra\u00ebl-Iran, la position g\u00e9opolitique des \u00c9tats-Unis, et les chances de paix ou de guerre dans l\u2019une des r\u00e9gions les plus explosives au monde.<\/p>\n","post_title":"Isra\u00ebl contr\u00f4le-t-il l\u2019Am\u00e9rique ? Analyse de l\u2019aveu controvers\u00e9 de Ted Cruz sur l\u2019implication des \u00c9tats-Unis dans les frappes contre l\u2019Iran","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"israel-controle-t-il-lamerique-analyse-de-laveu-controverse-de-ted-cruz-sur-limplication-des-etats-unis-dans-les-frappes-contre-liran","to_ping":"","pinged":"","post_modified":"2025-06-28 10:50:31","post_modified_gmt":"2025-06-28 10:50:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=8094","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7845,"post_author":"7","post_date":"2025-05-25 14:57:07","post_date_gmt":"2025-05-25 14:57:07","post_content":"\n

Un agent \u00e9tranger qatari a vers\u00e9 environ 30 000 dollars aux comit\u00e9s de campagne du s\u00e9nateur Lindsey Graham (R-SC) entre 2020 et 2025. Pendant cette p\u00e9riode, le bureau de Graham a accord\u00e9 un acc\u00e8s important au cabinet de lobbying de cet agent afin de soutenir les int\u00e9r\u00eats du Qatar. Cela comprenait plus de 131 \u00e9changes entre le bureau du s\u00e9nateur et l\u2019agent qatari, ainsi que des r\u00e9unions en personne et des appels t\u00e9l\u00e9phoniques avec Graham lui-m\u00eame.<\/p>\n\n\n\n

Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

Page 6 of 7 1 … 5 6 7
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Conflit sur les connaissances et la strat\u00e9gie<\/h3>\n\n\n\n

L\u2019entretien entre Cruz et Carlson a marqu\u00e9 un tournant dans les tensions internes au sein du mouvement MAGA. Carlson, oppos\u00e9 \u00e0 toute implication militaire \u00e9trang\u00e8re, a interrog\u00e9 Cruz sur ses connaissances de base concernant l\u2019Iran, comme la population ou la composition religieuse. Cruz a reconnu ne pas conna\u00eetre ces donn\u00e9es, ce \u00e0 quoi Carlson a r\u00e9pondu : \u00ab Vous ne connaissez m\u00eame pas la population du pays que vous voulez d\u00e9truire ? \u00bb<\/p>\n\n\n\n

Cet \u00e9change r\u00e9v\u00e8le une inqui\u00e9tude plus large sur le manque de comp\u00e9tence ou de compr\u00e9hension des \u00e9lus qui plaident pour la guerre, et soul\u00e8ve des questions fondamentales sur la l\u00e9gitimit\u00e9 de telles prises de position.<\/p>\n\n\n\n

Accusations de bellicisme<\/h3>\n\n\n\n

Carlson a accus\u00e9 Cruz et d\u2019autres alli\u00e9s de Trump de chercher \u00e0 entra\u00eener les \u00c9tats-Unis dans un conflit co\u00fbteux. Il a m\u00eame cit\u00e9 des figures m\u00e9diatiques comme Sean Hannity et Rupert Murdoch comme appartenant \u00e0 une clique de \u00ab fauteurs de guerre \u00bb qui poussent \u00e0 un affrontement avec l\u2019Iran. Cruz a d\u00e9fendu sa position, tout en \u00e9tant critiqu\u00e9 pour avoir m\u00e9lang\u00e9 convictions religieuses et strat\u00e9gie militaire.<\/p>\n\n\n\n

Justifications religieuses et id\u00e9ologiques<\/h2>\n\n\n\n

Le soutien \u00e9vang\u00e9lique \u00e0 Isra\u00ebl<\/h3>\n\n\n\n

Cruz a reconnu que les croyances \u00e9vang\u00e9liques chr\u00e9tiennes \u00e9taient un facteur majeur dans le soutien \u00e0 Isra\u00ebl et l\u2019opposition au r\u00e9gime iranien. Il a \u00e9voqu\u00e9 la th\u00e9ologie dispensationaliste et la promesse biblique selon laquelle \u00ab ceux qui b\u00e9nissent Isra\u00ebl seront b\u00e9nis \u00bb. Cette interpr\u00e9tation religieuse influence fortement les politiques am\u00e9ricaines au Moyen-Orient.<\/p>\n\n\n\n

Implications sur la politique \u00e9trang\u00e8re<\/h3>\n\n\n\n

Si la foi reste un moteur pour certains responsables politiques, les critiques soulignent que cela risque d\u2019\u00e9loigner les d\u00e9cisions des r\u00e9alit\u00e9s g\u00e9opolitiques. Une politique fond\u00e9e sur une id\u00e9ologie ou une th\u00e9ologie peut mener \u00e0 des conflits sans strat\u00e9gie claire ni issue r\u00e9aliste.<\/p>\n\n\n\n

Cons\u00e9quences politiques et divisions internes<\/h2>\n\n\n\n

Une fracture au sein du Parti r\u00e9publicain<\/h3>\n\n\n\n

La position belliciste de Cruz s\u2019oppose \u00e0 la prudence exprim\u00e9e par d\u2019autres r\u00e9publicains, y compris au Texas. L\u00e0 o\u00f9 Cruz appelle au changement de r\u00e9gime, d\u2019autres pr\u00f4nent la diplomatie et mettent en garde contre une nouvelle guerre sans fin. Steve Bannon, ancien strat\u00e8ge de Trump, a critiqu\u00e9 les interventions \u00e0 l\u2019\u00e9tranger, estimant qu\u2019elles affaiblissent la coalition MAGA et d\u00e9tournent l\u2019attention des priorit\u00e9s int\u00e9rieures.<\/p>\n\n\n\n

L\u2019ambigu\u00eft\u00e9 de Trump<\/h3>\n\n\n\n

Le pr\u00e9sident Trump lui-m\u00eame reste ind\u00e9cis. Il envisage, entre autres, de fournir \u00e0 Isra\u00ebl une bombe anti-bunker pour d\u00e9truire les installations nucl\u00e9aires enterr\u00e9es de l\u2019Iran, tout en d\u00e9clarant publiquement : \u00ab Je le ferai peut-\u00eatre, ou peut-\u00eatre pas. \u00bb Cette position refl\u00e8te les d\u00e9bats internes au sein de son \u00e9quipe. Trump a par ailleurs rejet\u00e9 les critiques de Carlson sur Cruz en les qualifiant de \u00ab loufoques \u00bb, illustrant la complexit\u00e9 des rapports de force dans son entourage.<\/p>\n\n\n\n

La compr\u00e9hension du public et ses limites<\/h2>\n\n\n\n

Une ignorance largement r\u00e9pandue<\/h3>\n\n\n\n

Malgr\u00e9 l\u2019enjeu, l\u2019Iran reste mal connu du grand public. En 2020, seulement 23 % des Am\u00e9ricains interrog\u00e9s pouvaient localiser l\u2019Iran sur une carte. Cela met en lumi\u00e8re le d\u00e9calage entre l\u2019opinion publique et la compr\u00e9hension des politiques internationales, et soul\u00e8ve des doutes sur la qualit\u00e9 du d\u00e9bat d\u00e9mocratique autour de l\u2019engagement militaire.<\/p>\n\n\n\n

Les derniers d\u00e9veloppements en 2025<\/h2>\n\n\n\n

Une escalade du conflit Isra\u00ebl-Iran<\/h3>\n\n\n\n

Depuis juin 2025, Isra\u00ebl a intensifi\u00e9 ses attaques contre des cibles militaires iraniennes, notamment le site fortifi\u00e9 de Fordow. L\u2019Iran a r\u00e9pliqu\u00e9 en bombardant des villes isra\u00e9liennes et en lan\u00e7ant des missiles contre des bases et troupes am\u00e9ricaines dans la r\u00e9gion.<\/p>\n\n\n\n

Des projets d\u2019assassinats pr\u00e9sum\u00e9s<\/h3>\n\n\n\n

Des rumeurs font \u00e9tat de tentatives iraniennes d\u2019assassiner Donald Trump, bien que ces all\u00e9gations restent contest\u00e9es. Des responsables isra\u00e9liens ont \u00e9voqu\u00e9 publiquement l\u2019\u00e9limination du guide supr\u00eame iranien, aggravant encore les tensions.<\/p>\n\n\n\n

La posture militaire des \u00c9tats-Unis<\/h3>\n\n\n\n

Les \u00c9tats-Unis ont d\u00e9ploy\u00e9 des navires de guerre et des avions de chasse suppl\u00e9mentaires au Moyen-Orient. Cette mobilisation souligne leur niveau de pr\u00e9paration, alors que le Congr\u00e8s reste divis\u00e9 sur une autorisation formelle d\u2019action militaire.<\/p>\n\n\n\n

Risques li\u00e9s \u00e0 une intervention am\u00e9ricaine<\/h2>\n\n\n\n

Risque d\u2019escalade<\/h3>\n\n\n\n

Une implication directe des \u00c9tats-Unis pourrait transformer le conflit en une guerre r\u00e9gionale, avec des milices pro-iraniennes d\u00e9stabilisant les \u00c9tats voisins. Le risque de repr\u00e9sailles iraniennes contre les troupes ou alli\u00e9s am\u00e9ricains demeure \u00e9lev\u00e9.<\/p>\n\n\n\n

Ambigu\u00eft\u00e9 strat\u00e9gique<\/h3>\n\n\n\n

L\u2019absence de consensus clair au sein du gouvernement am\u00e9ricain et entre ses alli\u00e9s complique les efforts diplomatiques tout en nourrissant les pr\u00e9paratifs militaires.<\/p>\n\n\n\n

Cons\u00e9quences humanitaires<\/h3>\n\n\n\n

Une escalade entra\u00eenerait de lourdes pertes civiles des deux c\u00f4t\u00e9s : morts, bless\u00e9s, d\u00e9placements forc\u00e9s et souffrances humanitaires accrues.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

L\u2019aveu du s\u00e9nateur Ted Cruz concernant le soutien am\u00e9ricain aux frappes isra\u00e9liennes contre l\u2019Iran expose les contradictions de la politique \u00e9trang\u00e8re am\u00e9ricaine. Sa position militariste, teint\u00e9e de convictions religieuses, contraste avec la prudence d\u2019autres voix et r\u00e9v\u00e8le les fractures internes du Parti r\u00e9publicain et du mouvement MAGA.<\/p>\n\n\n\n

Les \u00c9tats-Unis se trouvent \u00e0 un carrefour d\u00e9cisif : entre la mont\u00e9e des tensions, les choix incertains de Trump, et la pression des faucons, les d\u00e9cisions prises dans les semaines \u00e0 venir pourraient d\u00e9terminer l\u2019avenir du conflit Isra\u00ebl-Iran, la position g\u00e9opolitique des \u00c9tats-Unis, et les chances de paix ou de guerre dans l\u2019une des r\u00e9gions les plus explosives au monde.<\/p>\n","post_title":"Isra\u00ebl contr\u00f4le-t-il l\u2019Am\u00e9rique ? Analyse de l\u2019aveu controvers\u00e9 de Ted Cruz sur l\u2019implication des \u00c9tats-Unis dans les frappes contre l\u2019Iran","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"israel-controle-t-il-lamerique-analyse-de-laveu-controverse-de-ted-cruz-sur-limplication-des-etats-unis-dans-les-frappes-contre-liran","to_ping":"","pinged":"","post_modified":"2025-06-28 10:50:31","post_modified_gmt":"2025-06-28 10:50:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=8094","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7845,"post_author":"7","post_date":"2025-05-25 14:57:07","post_date_gmt":"2025-05-25 14:57:07","post_content":"\n

Un agent \u00e9tranger qatari a vers\u00e9 environ 30 000 dollars aux comit\u00e9s de campagne du s\u00e9nateur Lindsey Graham (R-SC) entre 2020 et 2025. Pendant cette p\u00e9riode, le bureau de Graham a accord\u00e9 un acc\u00e8s important au cabinet de lobbying de cet agent afin de soutenir les int\u00e9r\u00eats du Qatar. Cela comprenait plus de 131 \u00e9changes entre le bureau du s\u00e9nateur et l\u2019agent qatari, ainsi que des r\u00e9unions en personne et des appels t\u00e9l\u00e9phoniques avec Graham lui-m\u00eame.<\/p>\n\n\n\n

Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

Page 6 of 7 1 … 5 6 7
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L\u2019interview explosive avec Tucker Carlson<\/h2>\n\n\n\n

Conflit sur les connaissances et la strat\u00e9gie<\/h3>\n\n\n\n

L\u2019entretien entre Cruz et Carlson a marqu\u00e9 un tournant dans les tensions internes au sein du mouvement MAGA. Carlson, oppos\u00e9 \u00e0 toute implication militaire \u00e9trang\u00e8re, a interrog\u00e9 Cruz sur ses connaissances de base concernant l\u2019Iran, comme la population ou la composition religieuse. Cruz a reconnu ne pas conna\u00eetre ces donn\u00e9es, ce \u00e0 quoi Carlson a r\u00e9pondu : \u00ab Vous ne connaissez m\u00eame pas la population du pays que vous voulez d\u00e9truire ? \u00bb<\/p>\n\n\n\n

Cet \u00e9change r\u00e9v\u00e8le une inqui\u00e9tude plus large sur le manque de comp\u00e9tence ou de compr\u00e9hension des \u00e9lus qui plaident pour la guerre, et soul\u00e8ve des questions fondamentales sur la l\u00e9gitimit\u00e9 de telles prises de position.<\/p>\n\n\n\n

Accusations de bellicisme<\/h3>\n\n\n\n

Carlson a accus\u00e9 Cruz et d\u2019autres alli\u00e9s de Trump de chercher \u00e0 entra\u00eener les \u00c9tats-Unis dans un conflit co\u00fbteux. Il a m\u00eame cit\u00e9 des figures m\u00e9diatiques comme Sean Hannity et Rupert Murdoch comme appartenant \u00e0 une clique de \u00ab fauteurs de guerre \u00bb qui poussent \u00e0 un affrontement avec l\u2019Iran. Cruz a d\u00e9fendu sa position, tout en \u00e9tant critiqu\u00e9 pour avoir m\u00e9lang\u00e9 convictions religieuses et strat\u00e9gie militaire.<\/p>\n\n\n\n

Justifications religieuses et id\u00e9ologiques<\/h2>\n\n\n\n

Le soutien \u00e9vang\u00e9lique \u00e0 Isra\u00ebl<\/h3>\n\n\n\n

Cruz a reconnu que les croyances \u00e9vang\u00e9liques chr\u00e9tiennes \u00e9taient un facteur majeur dans le soutien \u00e0 Isra\u00ebl et l\u2019opposition au r\u00e9gime iranien. Il a \u00e9voqu\u00e9 la th\u00e9ologie dispensationaliste et la promesse biblique selon laquelle \u00ab ceux qui b\u00e9nissent Isra\u00ebl seront b\u00e9nis \u00bb. Cette interpr\u00e9tation religieuse influence fortement les politiques am\u00e9ricaines au Moyen-Orient.<\/p>\n\n\n\n

Implications sur la politique \u00e9trang\u00e8re<\/h3>\n\n\n\n

Si la foi reste un moteur pour certains responsables politiques, les critiques soulignent que cela risque d\u2019\u00e9loigner les d\u00e9cisions des r\u00e9alit\u00e9s g\u00e9opolitiques. Une politique fond\u00e9e sur une id\u00e9ologie ou une th\u00e9ologie peut mener \u00e0 des conflits sans strat\u00e9gie claire ni issue r\u00e9aliste.<\/p>\n\n\n\n

Cons\u00e9quences politiques et divisions internes<\/h2>\n\n\n\n

Une fracture au sein du Parti r\u00e9publicain<\/h3>\n\n\n\n

La position belliciste de Cruz s\u2019oppose \u00e0 la prudence exprim\u00e9e par d\u2019autres r\u00e9publicains, y compris au Texas. L\u00e0 o\u00f9 Cruz appelle au changement de r\u00e9gime, d\u2019autres pr\u00f4nent la diplomatie et mettent en garde contre une nouvelle guerre sans fin. Steve Bannon, ancien strat\u00e8ge de Trump, a critiqu\u00e9 les interventions \u00e0 l\u2019\u00e9tranger, estimant qu\u2019elles affaiblissent la coalition MAGA et d\u00e9tournent l\u2019attention des priorit\u00e9s int\u00e9rieures.<\/p>\n\n\n\n

L\u2019ambigu\u00eft\u00e9 de Trump<\/h3>\n\n\n\n

Le pr\u00e9sident Trump lui-m\u00eame reste ind\u00e9cis. Il envisage, entre autres, de fournir \u00e0 Isra\u00ebl une bombe anti-bunker pour d\u00e9truire les installations nucl\u00e9aires enterr\u00e9es de l\u2019Iran, tout en d\u00e9clarant publiquement : \u00ab Je le ferai peut-\u00eatre, ou peut-\u00eatre pas. \u00bb Cette position refl\u00e8te les d\u00e9bats internes au sein de son \u00e9quipe. Trump a par ailleurs rejet\u00e9 les critiques de Carlson sur Cruz en les qualifiant de \u00ab loufoques \u00bb, illustrant la complexit\u00e9 des rapports de force dans son entourage.<\/p>\n\n\n\n

La compr\u00e9hension du public et ses limites<\/h2>\n\n\n\n

Une ignorance largement r\u00e9pandue<\/h3>\n\n\n\n

Malgr\u00e9 l\u2019enjeu, l\u2019Iran reste mal connu du grand public. En 2020, seulement 23 % des Am\u00e9ricains interrog\u00e9s pouvaient localiser l\u2019Iran sur une carte. Cela met en lumi\u00e8re le d\u00e9calage entre l\u2019opinion publique et la compr\u00e9hension des politiques internationales, et soul\u00e8ve des doutes sur la qualit\u00e9 du d\u00e9bat d\u00e9mocratique autour de l\u2019engagement militaire.<\/p>\n\n\n\n

Les derniers d\u00e9veloppements en 2025<\/h2>\n\n\n\n

Une escalade du conflit Isra\u00ebl-Iran<\/h3>\n\n\n\n

Depuis juin 2025, Isra\u00ebl a intensifi\u00e9 ses attaques contre des cibles militaires iraniennes, notamment le site fortifi\u00e9 de Fordow. L\u2019Iran a r\u00e9pliqu\u00e9 en bombardant des villes isra\u00e9liennes et en lan\u00e7ant des missiles contre des bases et troupes am\u00e9ricaines dans la r\u00e9gion.<\/p>\n\n\n\n

Des projets d\u2019assassinats pr\u00e9sum\u00e9s<\/h3>\n\n\n\n

Des rumeurs font \u00e9tat de tentatives iraniennes d\u2019assassiner Donald Trump, bien que ces all\u00e9gations restent contest\u00e9es. Des responsables isra\u00e9liens ont \u00e9voqu\u00e9 publiquement l\u2019\u00e9limination du guide supr\u00eame iranien, aggravant encore les tensions.<\/p>\n\n\n\n

La posture militaire des \u00c9tats-Unis<\/h3>\n\n\n\n

Les \u00c9tats-Unis ont d\u00e9ploy\u00e9 des navires de guerre et des avions de chasse suppl\u00e9mentaires au Moyen-Orient. Cette mobilisation souligne leur niveau de pr\u00e9paration, alors que le Congr\u00e8s reste divis\u00e9 sur une autorisation formelle d\u2019action militaire.<\/p>\n\n\n\n

Risques li\u00e9s \u00e0 une intervention am\u00e9ricaine<\/h2>\n\n\n\n

Risque d\u2019escalade<\/h3>\n\n\n\n

Une implication directe des \u00c9tats-Unis pourrait transformer le conflit en une guerre r\u00e9gionale, avec des milices pro-iraniennes d\u00e9stabilisant les \u00c9tats voisins. Le risque de repr\u00e9sailles iraniennes contre les troupes ou alli\u00e9s am\u00e9ricains demeure \u00e9lev\u00e9.<\/p>\n\n\n\n

Ambigu\u00eft\u00e9 strat\u00e9gique<\/h3>\n\n\n\n

L\u2019absence de consensus clair au sein du gouvernement am\u00e9ricain et entre ses alli\u00e9s complique les efforts diplomatiques tout en nourrissant les pr\u00e9paratifs militaires.<\/p>\n\n\n\n

Cons\u00e9quences humanitaires<\/h3>\n\n\n\n

Une escalade entra\u00eenerait de lourdes pertes civiles des deux c\u00f4t\u00e9s : morts, bless\u00e9s, d\u00e9placements forc\u00e9s et souffrances humanitaires accrues.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

L\u2019aveu du s\u00e9nateur Ted Cruz concernant le soutien am\u00e9ricain aux frappes isra\u00e9liennes contre l\u2019Iran expose les contradictions de la politique \u00e9trang\u00e8re am\u00e9ricaine. Sa position militariste, teint\u00e9e de convictions religieuses, contraste avec la prudence d\u2019autres voix et r\u00e9v\u00e8le les fractures internes du Parti r\u00e9publicain et du mouvement MAGA.<\/p>\n\n\n\n

Les \u00c9tats-Unis se trouvent \u00e0 un carrefour d\u00e9cisif : entre la mont\u00e9e des tensions, les choix incertains de Trump, et la pression des faucons, les d\u00e9cisions prises dans les semaines \u00e0 venir pourraient d\u00e9terminer l\u2019avenir du conflit Isra\u00ebl-Iran, la position g\u00e9opolitique des \u00c9tats-Unis, et les chances de paix ou de guerre dans l\u2019une des r\u00e9gions les plus explosives au monde.<\/p>\n","post_title":"Isra\u00ebl contr\u00f4le-t-il l\u2019Am\u00e9rique ? Analyse de l\u2019aveu controvers\u00e9 de Ted Cruz sur l\u2019implication des \u00c9tats-Unis dans les frappes contre l\u2019Iran","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"israel-controle-t-il-lamerique-analyse-de-laveu-controverse-de-ted-cruz-sur-limplication-des-etats-unis-dans-les-frappes-contre-liran","to_ping":"","pinged":"","post_modified":"2025-06-28 10:50:31","post_modified_gmt":"2025-06-28 10:50:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=8094","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7845,"post_author":"7","post_date":"2025-05-25 14:57:07","post_date_gmt":"2025-05-25 14:57:07","post_content":"\n

Un agent \u00e9tranger qatari a vers\u00e9 environ 30 000 dollars aux comit\u00e9s de campagne du s\u00e9nateur Lindsey Graham (R-SC) entre 2020 et 2025. Pendant cette p\u00e9riode, le bureau de Graham a accord\u00e9 un acc\u00e8s important au cabinet de lobbying de cet agent afin de soutenir les int\u00e9r\u00eats du Qatar. Cela comprenait plus de 131 \u00e9changes entre le bureau du s\u00e9nateur et l\u2019agent qatari, ainsi que des r\u00e9unions en personne et des appels t\u00e9l\u00e9phoniques avec Graham lui-m\u00eame.<\/p>\n\n\n\n

Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

Page 6 of 7 1 … 5 6 7
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Cruz est un fervent d\u00e9fenseur d\u2019une ligne dure contre l\u2019Iran. Il a plaid\u00e9 pour des frappes cibl\u00e9es, notamment sur le site hautement prot\u00e9g\u00e9 d\u2019enrichissement d\u2019uranium de Fordow. Il qualifie une \u00e9ventuelle frappe am\u00e9ricaine de \u00ab raisonnable \u00bb et affirme avoir partag\u00e9 son opinion avec le pr\u00e9sident Trump. Sa position refl\u00e8te une frange du Parti r\u00e9publicain favorable \u00e0 un changement de r\u00e9gime \u00e0 T\u00e9h\u00e9ran, \u00e0 travers une pression maximale et une intervention militaire potentielle.<\/p>\n\n\n\n

L\u2019interview explosive avec Tucker Carlson<\/h2>\n\n\n\n

Conflit sur les connaissances et la strat\u00e9gie<\/h3>\n\n\n\n

L\u2019entretien entre Cruz et Carlson a marqu\u00e9 un tournant dans les tensions internes au sein du mouvement MAGA. Carlson, oppos\u00e9 \u00e0 toute implication militaire \u00e9trang\u00e8re, a interrog\u00e9 Cruz sur ses connaissances de base concernant l\u2019Iran, comme la population ou la composition religieuse. Cruz a reconnu ne pas conna\u00eetre ces donn\u00e9es, ce \u00e0 quoi Carlson a r\u00e9pondu : \u00ab Vous ne connaissez m\u00eame pas la population du pays que vous voulez d\u00e9truire ? \u00bb<\/p>\n\n\n\n

Cet \u00e9change r\u00e9v\u00e8le une inqui\u00e9tude plus large sur le manque de comp\u00e9tence ou de compr\u00e9hension des \u00e9lus qui plaident pour la guerre, et soul\u00e8ve des questions fondamentales sur la l\u00e9gitimit\u00e9 de telles prises de position.<\/p>\n\n\n\n

Accusations de bellicisme<\/h3>\n\n\n\n

Carlson a accus\u00e9 Cruz et d\u2019autres alli\u00e9s de Trump de chercher \u00e0 entra\u00eener les \u00c9tats-Unis dans un conflit co\u00fbteux. Il a m\u00eame cit\u00e9 des figures m\u00e9diatiques comme Sean Hannity et Rupert Murdoch comme appartenant \u00e0 une clique de \u00ab fauteurs de guerre \u00bb qui poussent \u00e0 un affrontement avec l\u2019Iran. Cruz a d\u00e9fendu sa position, tout en \u00e9tant critiqu\u00e9 pour avoir m\u00e9lang\u00e9 convictions religieuses et strat\u00e9gie militaire.<\/p>\n\n\n\n

Justifications religieuses et id\u00e9ologiques<\/h2>\n\n\n\n

Le soutien \u00e9vang\u00e9lique \u00e0 Isra\u00ebl<\/h3>\n\n\n\n

Cruz a reconnu que les croyances \u00e9vang\u00e9liques chr\u00e9tiennes \u00e9taient un facteur majeur dans le soutien \u00e0 Isra\u00ebl et l\u2019opposition au r\u00e9gime iranien. Il a \u00e9voqu\u00e9 la th\u00e9ologie dispensationaliste et la promesse biblique selon laquelle \u00ab ceux qui b\u00e9nissent Isra\u00ebl seront b\u00e9nis \u00bb. Cette interpr\u00e9tation religieuse influence fortement les politiques am\u00e9ricaines au Moyen-Orient.<\/p>\n\n\n\n

Implications sur la politique \u00e9trang\u00e8re<\/h3>\n\n\n\n

Si la foi reste un moteur pour certains responsables politiques, les critiques soulignent que cela risque d\u2019\u00e9loigner les d\u00e9cisions des r\u00e9alit\u00e9s g\u00e9opolitiques. Une politique fond\u00e9e sur une id\u00e9ologie ou une th\u00e9ologie peut mener \u00e0 des conflits sans strat\u00e9gie claire ni issue r\u00e9aliste.<\/p>\n\n\n\n

Cons\u00e9quences politiques et divisions internes<\/h2>\n\n\n\n

Une fracture au sein du Parti r\u00e9publicain<\/h3>\n\n\n\n

La position belliciste de Cruz s\u2019oppose \u00e0 la prudence exprim\u00e9e par d\u2019autres r\u00e9publicains, y compris au Texas. L\u00e0 o\u00f9 Cruz appelle au changement de r\u00e9gime, d\u2019autres pr\u00f4nent la diplomatie et mettent en garde contre une nouvelle guerre sans fin. Steve Bannon, ancien strat\u00e8ge de Trump, a critiqu\u00e9 les interventions \u00e0 l\u2019\u00e9tranger, estimant qu\u2019elles affaiblissent la coalition MAGA et d\u00e9tournent l\u2019attention des priorit\u00e9s int\u00e9rieures.<\/p>\n\n\n\n

L\u2019ambigu\u00eft\u00e9 de Trump<\/h3>\n\n\n\n

Le pr\u00e9sident Trump lui-m\u00eame reste ind\u00e9cis. Il envisage, entre autres, de fournir \u00e0 Isra\u00ebl une bombe anti-bunker pour d\u00e9truire les installations nucl\u00e9aires enterr\u00e9es de l\u2019Iran, tout en d\u00e9clarant publiquement : \u00ab Je le ferai peut-\u00eatre, ou peut-\u00eatre pas. \u00bb Cette position refl\u00e8te les d\u00e9bats internes au sein de son \u00e9quipe. Trump a par ailleurs rejet\u00e9 les critiques de Carlson sur Cruz en les qualifiant de \u00ab loufoques \u00bb, illustrant la complexit\u00e9 des rapports de force dans son entourage.<\/p>\n\n\n\n

La compr\u00e9hension du public et ses limites<\/h2>\n\n\n\n

Une ignorance largement r\u00e9pandue<\/h3>\n\n\n\n

Malgr\u00e9 l\u2019enjeu, l\u2019Iran reste mal connu du grand public. En 2020, seulement 23 % des Am\u00e9ricains interrog\u00e9s pouvaient localiser l\u2019Iran sur une carte. Cela met en lumi\u00e8re le d\u00e9calage entre l\u2019opinion publique et la compr\u00e9hension des politiques internationales, et soul\u00e8ve des doutes sur la qualit\u00e9 du d\u00e9bat d\u00e9mocratique autour de l\u2019engagement militaire.<\/p>\n\n\n\n

Les derniers d\u00e9veloppements en 2025<\/h2>\n\n\n\n

Une escalade du conflit Isra\u00ebl-Iran<\/h3>\n\n\n\n

Depuis juin 2025, Isra\u00ebl a intensifi\u00e9 ses attaques contre des cibles militaires iraniennes, notamment le site fortifi\u00e9 de Fordow. L\u2019Iran a r\u00e9pliqu\u00e9 en bombardant des villes isra\u00e9liennes et en lan\u00e7ant des missiles contre des bases et troupes am\u00e9ricaines dans la r\u00e9gion.<\/p>\n\n\n\n

Des projets d\u2019assassinats pr\u00e9sum\u00e9s<\/h3>\n\n\n\n

Des rumeurs font \u00e9tat de tentatives iraniennes d\u2019assassiner Donald Trump, bien que ces all\u00e9gations restent contest\u00e9es. Des responsables isra\u00e9liens ont \u00e9voqu\u00e9 publiquement l\u2019\u00e9limination du guide supr\u00eame iranien, aggravant encore les tensions.<\/p>\n\n\n\n

La posture militaire des \u00c9tats-Unis<\/h3>\n\n\n\n

Les \u00c9tats-Unis ont d\u00e9ploy\u00e9 des navires de guerre et des avions de chasse suppl\u00e9mentaires au Moyen-Orient. Cette mobilisation souligne leur niveau de pr\u00e9paration, alors que le Congr\u00e8s reste divis\u00e9 sur une autorisation formelle d\u2019action militaire.<\/p>\n\n\n\n

Risques li\u00e9s \u00e0 une intervention am\u00e9ricaine<\/h2>\n\n\n\n

Risque d\u2019escalade<\/h3>\n\n\n\n

Une implication directe des \u00c9tats-Unis pourrait transformer le conflit en une guerre r\u00e9gionale, avec des milices pro-iraniennes d\u00e9stabilisant les \u00c9tats voisins. Le risque de repr\u00e9sailles iraniennes contre les troupes ou alli\u00e9s am\u00e9ricains demeure \u00e9lev\u00e9.<\/p>\n\n\n\n

Ambigu\u00eft\u00e9 strat\u00e9gique<\/h3>\n\n\n\n

L\u2019absence de consensus clair au sein du gouvernement am\u00e9ricain et entre ses alli\u00e9s complique les efforts diplomatiques tout en nourrissant les pr\u00e9paratifs militaires.<\/p>\n\n\n\n

Cons\u00e9quences humanitaires<\/h3>\n\n\n\n

Une escalade entra\u00eenerait de lourdes pertes civiles des deux c\u00f4t\u00e9s : morts, bless\u00e9s, d\u00e9placements forc\u00e9s et souffrances humanitaires accrues.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

L\u2019aveu du s\u00e9nateur Ted Cruz concernant le soutien am\u00e9ricain aux frappes isra\u00e9liennes contre l\u2019Iran expose les contradictions de la politique \u00e9trang\u00e8re am\u00e9ricaine. Sa position militariste, teint\u00e9e de convictions religieuses, contraste avec la prudence d\u2019autres voix et r\u00e9v\u00e8le les fractures internes du Parti r\u00e9publicain et du mouvement MAGA.<\/p>\n\n\n\n

Les \u00c9tats-Unis se trouvent \u00e0 un carrefour d\u00e9cisif : entre la mont\u00e9e des tensions, les choix incertains de Trump, et la pression des faucons, les d\u00e9cisions prises dans les semaines \u00e0 venir pourraient d\u00e9terminer l\u2019avenir du conflit Isra\u00ebl-Iran, la position g\u00e9opolitique des \u00c9tats-Unis, et les chances de paix ou de guerre dans l\u2019une des r\u00e9gions les plus explosives au monde.<\/p>\n","post_title":"Isra\u00ebl contr\u00f4le-t-il l\u2019Am\u00e9rique ? Analyse de l\u2019aveu controvers\u00e9 de Ted Cruz sur l\u2019implication des \u00c9tats-Unis dans les frappes contre l\u2019Iran","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"israel-controle-t-il-lamerique-analyse-de-laveu-controverse-de-ted-cruz-sur-limplication-des-etats-unis-dans-les-frappes-contre-liran","to_ping":"","pinged":"","post_modified":"2025-06-28 10:50:31","post_modified_gmt":"2025-06-28 10:50:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=8094","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7845,"post_author":"7","post_date":"2025-05-25 14:57:07","post_date_gmt":"2025-05-25 14:57:07","post_content":"\n

Un agent \u00e9tranger qatari a vers\u00e9 environ 30 000 dollars aux comit\u00e9s de campagne du s\u00e9nateur Lindsey Graham (R-SC) entre 2020 et 2025. Pendant cette p\u00e9riode, le bureau de Graham a accord\u00e9 un acc\u00e8s important au cabinet de lobbying de cet agent afin de soutenir les int\u00e9r\u00eats du Qatar. Cela comprenait plus de 131 \u00e9changes entre le bureau du s\u00e9nateur et l\u2019agent qatari, ainsi que des r\u00e9unions en personne et des appels t\u00e9l\u00e9phoniques avec Graham lui-m\u00eame.<\/p>\n\n\n\n

Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

Page 6 of 7 1 … 5 6 7
\n

Prise de position en faveur d\u2019une action militaire<\/h3>\n\n\n\n

Cruz est un fervent d\u00e9fenseur d\u2019une ligne dure contre l\u2019Iran. Il a plaid\u00e9 pour des frappes cibl\u00e9es, notamment sur le site hautement prot\u00e9g\u00e9 d\u2019enrichissement d\u2019uranium de Fordow. Il qualifie une \u00e9ventuelle frappe am\u00e9ricaine de \u00ab raisonnable \u00bb et affirme avoir partag\u00e9 son opinion avec le pr\u00e9sident Trump. Sa position refl\u00e8te une frange du Parti r\u00e9publicain favorable \u00e0 un changement de r\u00e9gime \u00e0 T\u00e9h\u00e9ran, \u00e0 travers une pression maximale et une intervention militaire potentielle.<\/p>\n\n\n\n

L\u2019interview explosive avec Tucker Carlson<\/h2>\n\n\n\n

Conflit sur les connaissances et la strat\u00e9gie<\/h3>\n\n\n\n

L\u2019entretien entre Cruz et Carlson a marqu\u00e9 un tournant dans les tensions internes au sein du mouvement MAGA. Carlson, oppos\u00e9 \u00e0 toute implication militaire \u00e9trang\u00e8re, a interrog\u00e9 Cruz sur ses connaissances de base concernant l\u2019Iran, comme la population ou la composition religieuse. Cruz a reconnu ne pas conna\u00eetre ces donn\u00e9es, ce \u00e0 quoi Carlson a r\u00e9pondu : \u00ab Vous ne connaissez m\u00eame pas la population du pays que vous voulez d\u00e9truire ? \u00bb<\/p>\n\n\n\n

Cet \u00e9change r\u00e9v\u00e8le une inqui\u00e9tude plus large sur le manque de comp\u00e9tence ou de compr\u00e9hension des \u00e9lus qui plaident pour la guerre, et soul\u00e8ve des questions fondamentales sur la l\u00e9gitimit\u00e9 de telles prises de position.<\/p>\n\n\n\n

Accusations de bellicisme<\/h3>\n\n\n\n

Carlson a accus\u00e9 Cruz et d\u2019autres alli\u00e9s de Trump de chercher \u00e0 entra\u00eener les \u00c9tats-Unis dans un conflit co\u00fbteux. Il a m\u00eame cit\u00e9 des figures m\u00e9diatiques comme Sean Hannity et Rupert Murdoch comme appartenant \u00e0 une clique de \u00ab fauteurs de guerre \u00bb qui poussent \u00e0 un affrontement avec l\u2019Iran. Cruz a d\u00e9fendu sa position, tout en \u00e9tant critiqu\u00e9 pour avoir m\u00e9lang\u00e9 convictions religieuses et strat\u00e9gie militaire.<\/p>\n\n\n\n

Justifications religieuses et id\u00e9ologiques<\/h2>\n\n\n\n

Le soutien \u00e9vang\u00e9lique \u00e0 Isra\u00ebl<\/h3>\n\n\n\n

Cruz a reconnu que les croyances \u00e9vang\u00e9liques chr\u00e9tiennes \u00e9taient un facteur majeur dans le soutien \u00e0 Isra\u00ebl et l\u2019opposition au r\u00e9gime iranien. Il a \u00e9voqu\u00e9 la th\u00e9ologie dispensationaliste et la promesse biblique selon laquelle \u00ab ceux qui b\u00e9nissent Isra\u00ebl seront b\u00e9nis \u00bb. Cette interpr\u00e9tation religieuse influence fortement les politiques am\u00e9ricaines au Moyen-Orient.<\/p>\n\n\n\n

Implications sur la politique \u00e9trang\u00e8re<\/h3>\n\n\n\n

Si la foi reste un moteur pour certains responsables politiques, les critiques soulignent que cela risque d\u2019\u00e9loigner les d\u00e9cisions des r\u00e9alit\u00e9s g\u00e9opolitiques. Une politique fond\u00e9e sur une id\u00e9ologie ou une th\u00e9ologie peut mener \u00e0 des conflits sans strat\u00e9gie claire ni issue r\u00e9aliste.<\/p>\n\n\n\n

Cons\u00e9quences politiques et divisions internes<\/h2>\n\n\n\n

Une fracture au sein du Parti r\u00e9publicain<\/h3>\n\n\n\n

La position belliciste de Cruz s\u2019oppose \u00e0 la prudence exprim\u00e9e par d\u2019autres r\u00e9publicains, y compris au Texas. L\u00e0 o\u00f9 Cruz appelle au changement de r\u00e9gime, d\u2019autres pr\u00f4nent la diplomatie et mettent en garde contre une nouvelle guerre sans fin. Steve Bannon, ancien strat\u00e8ge de Trump, a critiqu\u00e9 les interventions \u00e0 l\u2019\u00e9tranger, estimant qu\u2019elles affaiblissent la coalition MAGA et d\u00e9tournent l\u2019attention des priorit\u00e9s int\u00e9rieures.<\/p>\n\n\n\n

L\u2019ambigu\u00eft\u00e9 de Trump<\/h3>\n\n\n\n

Le pr\u00e9sident Trump lui-m\u00eame reste ind\u00e9cis. Il envisage, entre autres, de fournir \u00e0 Isra\u00ebl une bombe anti-bunker pour d\u00e9truire les installations nucl\u00e9aires enterr\u00e9es de l\u2019Iran, tout en d\u00e9clarant publiquement : \u00ab Je le ferai peut-\u00eatre, ou peut-\u00eatre pas. \u00bb Cette position refl\u00e8te les d\u00e9bats internes au sein de son \u00e9quipe. Trump a par ailleurs rejet\u00e9 les critiques de Carlson sur Cruz en les qualifiant de \u00ab loufoques \u00bb, illustrant la complexit\u00e9 des rapports de force dans son entourage.<\/p>\n\n\n\n

La compr\u00e9hension du public et ses limites<\/h2>\n\n\n\n

Une ignorance largement r\u00e9pandue<\/h3>\n\n\n\n

Malgr\u00e9 l\u2019enjeu, l\u2019Iran reste mal connu du grand public. En 2020, seulement 23 % des Am\u00e9ricains interrog\u00e9s pouvaient localiser l\u2019Iran sur une carte. Cela met en lumi\u00e8re le d\u00e9calage entre l\u2019opinion publique et la compr\u00e9hension des politiques internationales, et soul\u00e8ve des doutes sur la qualit\u00e9 du d\u00e9bat d\u00e9mocratique autour de l\u2019engagement militaire.<\/p>\n\n\n\n

Les derniers d\u00e9veloppements en 2025<\/h2>\n\n\n\n

Une escalade du conflit Isra\u00ebl-Iran<\/h3>\n\n\n\n

Depuis juin 2025, Isra\u00ebl a intensifi\u00e9 ses attaques contre des cibles militaires iraniennes, notamment le site fortifi\u00e9 de Fordow. L\u2019Iran a r\u00e9pliqu\u00e9 en bombardant des villes isra\u00e9liennes et en lan\u00e7ant des missiles contre des bases et troupes am\u00e9ricaines dans la r\u00e9gion.<\/p>\n\n\n\n

Des projets d\u2019assassinats pr\u00e9sum\u00e9s<\/h3>\n\n\n\n

Des rumeurs font \u00e9tat de tentatives iraniennes d\u2019assassiner Donald Trump, bien que ces all\u00e9gations restent contest\u00e9es. Des responsables isra\u00e9liens ont \u00e9voqu\u00e9 publiquement l\u2019\u00e9limination du guide supr\u00eame iranien, aggravant encore les tensions.<\/p>\n\n\n\n

La posture militaire des \u00c9tats-Unis<\/h3>\n\n\n\n

Les \u00c9tats-Unis ont d\u00e9ploy\u00e9 des navires de guerre et des avions de chasse suppl\u00e9mentaires au Moyen-Orient. Cette mobilisation souligne leur niveau de pr\u00e9paration, alors que le Congr\u00e8s reste divis\u00e9 sur une autorisation formelle d\u2019action militaire.<\/p>\n\n\n\n

Risques li\u00e9s \u00e0 une intervention am\u00e9ricaine<\/h2>\n\n\n\n

Risque d\u2019escalade<\/h3>\n\n\n\n

Une implication directe des \u00c9tats-Unis pourrait transformer le conflit en une guerre r\u00e9gionale, avec des milices pro-iraniennes d\u00e9stabilisant les \u00c9tats voisins. Le risque de repr\u00e9sailles iraniennes contre les troupes ou alli\u00e9s am\u00e9ricains demeure \u00e9lev\u00e9.<\/p>\n\n\n\n

Ambigu\u00eft\u00e9 strat\u00e9gique<\/h3>\n\n\n\n

L\u2019absence de consensus clair au sein du gouvernement am\u00e9ricain et entre ses alli\u00e9s complique les efforts diplomatiques tout en nourrissant les pr\u00e9paratifs militaires.<\/p>\n\n\n\n

Cons\u00e9quences humanitaires<\/h3>\n\n\n\n

Une escalade entra\u00eenerait de lourdes pertes civiles des deux c\u00f4t\u00e9s : morts, bless\u00e9s, d\u00e9placements forc\u00e9s et souffrances humanitaires accrues.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

L\u2019aveu du s\u00e9nateur Ted Cruz concernant le soutien am\u00e9ricain aux frappes isra\u00e9liennes contre l\u2019Iran expose les contradictions de la politique \u00e9trang\u00e8re am\u00e9ricaine. Sa position militariste, teint\u00e9e de convictions religieuses, contraste avec la prudence d\u2019autres voix et r\u00e9v\u00e8le les fractures internes du Parti r\u00e9publicain et du mouvement MAGA.<\/p>\n\n\n\n

Les \u00c9tats-Unis se trouvent \u00e0 un carrefour d\u00e9cisif : entre la mont\u00e9e des tensions, les choix incertains de Trump, et la pression des faucons, les d\u00e9cisions prises dans les semaines \u00e0 venir pourraient d\u00e9terminer l\u2019avenir du conflit Isra\u00ebl-Iran, la position g\u00e9opolitique des \u00c9tats-Unis, et les chances de paix ou de guerre dans l\u2019une des r\u00e9gions les plus explosives au monde.<\/p>\n","post_title":"Isra\u00ebl contr\u00f4le-t-il l\u2019Am\u00e9rique ? Analyse de l\u2019aveu controvers\u00e9 de Ted Cruz sur l\u2019implication des \u00c9tats-Unis dans les frappes contre l\u2019Iran","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"israel-controle-t-il-lamerique-analyse-de-laveu-controverse-de-ted-cruz-sur-limplication-des-etats-unis-dans-les-frappes-contre-liran","to_ping":"","pinged":"","post_modified":"2025-06-28 10:50:31","post_modified_gmt":"2025-06-28 10:50:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=8094","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7845,"post_author":"7","post_date":"2025-05-25 14:57:07","post_date_gmt":"2025-05-25 14:57:07","post_content":"\n

Un agent \u00e9tranger qatari a vers\u00e9 environ 30 000 dollars aux comit\u00e9s de campagne du s\u00e9nateur Lindsey Graham (R-SC) entre 2020 et 2025. Pendant cette p\u00e9riode, le bureau de Graham a accord\u00e9 un acc\u00e8s important au cabinet de lobbying de cet agent afin de soutenir les int\u00e9r\u00eats du Qatar. Cela comprenait plus de 131 \u00e9changes entre le bureau du s\u00e9nateur et l\u2019agent qatari, ainsi que des r\u00e9unions en personne et des appels t\u00e9l\u00e9phoniques avec Graham lui-m\u00eame.<\/p>\n\n\n\n

Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

Page 6 of 7 1 … 5 6 7
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Dans une interview du 18 juin 2025, le s\u00e9nateur Cruz a d\u00e9clar\u00e9 : \u00ab Isra\u00ebl a men\u00e9 l\u2019attaque, mais nous (les \u00c9tats-Unis) les avons soutenus. \u00bb Ces propos contredisent les affirmations des responsables de la Maison Blanche, qui nient toute implication am\u00e9ricaine dans les frappes isra\u00e9liennes sur des sites iraniens. Cruz a ainsi confirm\u00e9 l\u2019implication indirecte des troupes am\u00e9ricaines, notamment pour emp\u00eacher les repr\u00e9sailles iraniennes.<\/p>\n\n\n\n

Prise de position en faveur d\u2019une action militaire<\/h3>\n\n\n\n

Cruz est un fervent d\u00e9fenseur d\u2019une ligne dure contre l\u2019Iran. Il a plaid\u00e9 pour des frappes cibl\u00e9es, notamment sur le site hautement prot\u00e9g\u00e9 d\u2019enrichissement d\u2019uranium de Fordow. Il qualifie une \u00e9ventuelle frappe am\u00e9ricaine de \u00ab raisonnable \u00bb et affirme avoir partag\u00e9 son opinion avec le pr\u00e9sident Trump. Sa position refl\u00e8te une frange du Parti r\u00e9publicain favorable \u00e0 un changement de r\u00e9gime \u00e0 T\u00e9h\u00e9ran, \u00e0 travers une pression maximale et une intervention militaire potentielle.<\/p>\n\n\n\n

L\u2019interview explosive avec Tucker Carlson<\/h2>\n\n\n\n

Conflit sur les connaissances et la strat\u00e9gie<\/h3>\n\n\n\n

L\u2019entretien entre Cruz et Carlson a marqu\u00e9 un tournant dans les tensions internes au sein du mouvement MAGA. Carlson, oppos\u00e9 \u00e0 toute implication militaire \u00e9trang\u00e8re, a interrog\u00e9 Cruz sur ses connaissances de base concernant l\u2019Iran, comme la population ou la composition religieuse. Cruz a reconnu ne pas conna\u00eetre ces donn\u00e9es, ce \u00e0 quoi Carlson a r\u00e9pondu : \u00ab Vous ne connaissez m\u00eame pas la population du pays que vous voulez d\u00e9truire ? \u00bb<\/p>\n\n\n\n

Cet \u00e9change r\u00e9v\u00e8le une inqui\u00e9tude plus large sur le manque de comp\u00e9tence ou de compr\u00e9hension des \u00e9lus qui plaident pour la guerre, et soul\u00e8ve des questions fondamentales sur la l\u00e9gitimit\u00e9 de telles prises de position.<\/p>\n\n\n\n

Accusations de bellicisme<\/h3>\n\n\n\n

Carlson a accus\u00e9 Cruz et d\u2019autres alli\u00e9s de Trump de chercher \u00e0 entra\u00eener les \u00c9tats-Unis dans un conflit co\u00fbteux. Il a m\u00eame cit\u00e9 des figures m\u00e9diatiques comme Sean Hannity et Rupert Murdoch comme appartenant \u00e0 une clique de \u00ab fauteurs de guerre \u00bb qui poussent \u00e0 un affrontement avec l\u2019Iran. Cruz a d\u00e9fendu sa position, tout en \u00e9tant critiqu\u00e9 pour avoir m\u00e9lang\u00e9 convictions religieuses et strat\u00e9gie militaire.<\/p>\n\n\n\n

Justifications religieuses et id\u00e9ologiques<\/h2>\n\n\n\n

Le soutien \u00e9vang\u00e9lique \u00e0 Isra\u00ebl<\/h3>\n\n\n\n

Cruz a reconnu que les croyances \u00e9vang\u00e9liques chr\u00e9tiennes \u00e9taient un facteur majeur dans le soutien \u00e0 Isra\u00ebl et l\u2019opposition au r\u00e9gime iranien. Il a \u00e9voqu\u00e9 la th\u00e9ologie dispensationaliste et la promesse biblique selon laquelle \u00ab ceux qui b\u00e9nissent Isra\u00ebl seront b\u00e9nis \u00bb. Cette interpr\u00e9tation religieuse influence fortement les politiques am\u00e9ricaines au Moyen-Orient.<\/p>\n\n\n\n

Implications sur la politique \u00e9trang\u00e8re<\/h3>\n\n\n\n

Si la foi reste un moteur pour certains responsables politiques, les critiques soulignent que cela risque d\u2019\u00e9loigner les d\u00e9cisions des r\u00e9alit\u00e9s g\u00e9opolitiques. Une politique fond\u00e9e sur une id\u00e9ologie ou une th\u00e9ologie peut mener \u00e0 des conflits sans strat\u00e9gie claire ni issue r\u00e9aliste.<\/p>\n\n\n\n

Cons\u00e9quences politiques et divisions internes<\/h2>\n\n\n\n

Une fracture au sein du Parti r\u00e9publicain<\/h3>\n\n\n\n

La position belliciste de Cruz s\u2019oppose \u00e0 la prudence exprim\u00e9e par d\u2019autres r\u00e9publicains, y compris au Texas. L\u00e0 o\u00f9 Cruz appelle au changement de r\u00e9gime, d\u2019autres pr\u00f4nent la diplomatie et mettent en garde contre une nouvelle guerre sans fin. Steve Bannon, ancien strat\u00e8ge de Trump, a critiqu\u00e9 les interventions \u00e0 l\u2019\u00e9tranger, estimant qu\u2019elles affaiblissent la coalition MAGA et d\u00e9tournent l\u2019attention des priorit\u00e9s int\u00e9rieures.<\/p>\n\n\n\n

L\u2019ambigu\u00eft\u00e9 de Trump<\/h3>\n\n\n\n

Le pr\u00e9sident Trump lui-m\u00eame reste ind\u00e9cis. Il envisage, entre autres, de fournir \u00e0 Isra\u00ebl une bombe anti-bunker pour d\u00e9truire les installations nucl\u00e9aires enterr\u00e9es de l\u2019Iran, tout en d\u00e9clarant publiquement : \u00ab Je le ferai peut-\u00eatre, ou peut-\u00eatre pas. \u00bb Cette position refl\u00e8te les d\u00e9bats internes au sein de son \u00e9quipe. Trump a par ailleurs rejet\u00e9 les critiques de Carlson sur Cruz en les qualifiant de \u00ab loufoques \u00bb, illustrant la complexit\u00e9 des rapports de force dans son entourage.<\/p>\n\n\n\n

La compr\u00e9hension du public et ses limites<\/h2>\n\n\n\n

Une ignorance largement r\u00e9pandue<\/h3>\n\n\n\n

Malgr\u00e9 l\u2019enjeu, l\u2019Iran reste mal connu du grand public. En 2020, seulement 23 % des Am\u00e9ricains interrog\u00e9s pouvaient localiser l\u2019Iran sur une carte. Cela met en lumi\u00e8re le d\u00e9calage entre l\u2019opinion publique et la compr\u00e9hension des politiques internationales, et soul\u00e8ve des doutes sur la qualit\u00e9 du d\u00e9bat d\u00e9mocratique autour de l\u2019engagement militaire.<\/p>\n\n\n\n

Les derniers d\u00e9veloppements en 2025<\/h2>\n\n\n\n

Une escalade du conflit Isra\u00ebl-Iran<\/h3>\n\n\n\n

Depuis juin 2025, Isra\u00ebl a intensifi\u00e9 ses attaques contre des cibles militaires iraniennes, notamment le site fortifi\u00e9 de Fordow. L\u2019Iran a r\u00e9pliqu\u00e9 en bombardant des villes isra\u00e9liennes et en lan\u00e7ant des missiles contre des bases et troupes am\u00e9ricaines dans la r\u00e9gion.<\/p>\n\n\n\n

Des projets d\u2019assassinats pr\u00e9sum\u00e9s<\/h3>\n\n\n\n

Des rumeurs font \u00e9tat de tentatives iraniennes d\u2019assassiner Donald Trump, bien que ces all\u00e9gations restent contest\u00e9es. Des responsables isra\u00e9liens ont \u00e9voqu\u00e9 publiquement l\u2019\u00e9limination du guide supr\u00eame iranien, aggravant encore les tensions.<\/p>\n\n\n\n

La posture militaire des \u00c9tats-Unis<\/h3>\n\n\n\n

Les \u00c9tats-Unis ont d\u00e9ploy\u00e9 des navires de guerre et des avions de chasse suppl\u00e9mentaires au Moyen-Orient. Cette mobilisation souligne leur niveau de pr\u00e9paration, alors que le Congr\u00e8s reste divis\u00e9 sur une autorisation formelle d\u2019action militaire.<\/p>\n\n\n\n

Risques li\u00e9s \u00e0 une intervention am\u00e9ricaine<\/h2>\n\n\n\n

Risque d\u2019escalade<\/h3>\n\n\n\n

Une implication directe des \u00c9tats-Unis pourrait transformer le conflit en une guerre r\u00e9gionale, avec des milices pro-iraniennes d\u00e9stabilisant les \u00c9tats voisins. Le risque de repr\u00e9sailles iraniennes contre les troupes ou alli\u00e9s am\u00e9ricains demeure \u00e9lev\u00e9.<\/p>\n\n\n\n

Ambigu\u00eft\u00e9 strat\u00e9gique<\/h3>\n\n\n\n

L\u2019absence de consensus clair au sein du gouvernement am\u00e9ricain et entre ses alli\u00e9s complique les efforts diplomatiques tout en nourrissant les pr\u00e9paratifs militaires.<\/p>\n\n\n\n

Cons\u00e9quences humanitaires<\/h3>\n\n\n\n

Une escalade entra\u00eenerait de lourdes pertes civiles des deux c\u00f4t\u00e9s : morts, bless\u00e9s, d\u00e9placements forc\u00e9s et souffrances humanitaires accrues.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

L\u2019aveu du s\u00e9nateur Ted Cruz concernant le soutien am\u00e9ricain aux frappes isra\u00e9liennes contre l\u2019Iran expose les contradictions de la politique \u00e9trang\u00e8re am\u00e9ricaine. Sa position militariste, teint\u00e9e de convictions religieuses, contraste avec la prudence d\u2019autres voix et r\u00e9v\u00e8le les fractures internes du Parti r\u00e9publicain et du mouvement MAGA.<\/p>\n\n\n\n

Les \u00c9tats-Unis se trouvent \u00e0 un carrefour d\u00e9cisif : entre la mont\u00e9e des tensions, les choix incertains de Trump, et la pression des faucons, les d\u00e9cisions prises dans les semaines \u00e0 venir pourraient d\u00e9terminer l\u2019avenir du conflit Isra\u00ebl-Iran, la position g\u00e9opolitique des \u00c9tats-Unis, et les chances de paix ou de guerre dans l\u2019une des r\u00e9gions les plus explosives au monde.<\/p>\n","post_title":"Isra\u00ebl contr\u00f4le-t-il l\u2019Am\u00e9rique ? Analyse de l\u2019aveu controvers\u00e9 de Ted Cruz sur l\u2019implication des \u00c9tats-Unis dans les frappes contre l\u2019Iran","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"israel-controle-t-il-lamerique-analyse-de-laveu-controverse-de-ted-cruz-sur-limplication-des-etats-unis-dans-les-frappes-contre-liran","to_ping":"","pinged":"","post_modified":"2025-06-28 10:50:31","post_modified_gmt":"2025-06-28 10:50:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=8094","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7845,"post_author":"7","post_date":"2025-05-25 14:57:07","post_date_gmt":"2025-05-25 14:57:07","post_content":"\n

Un agent \u00e9tranger qatari a vers\u00e9 environ 30 000 dollars aux comit\u00e9s de campagne du s\u00e9nateur Lindsey Graham (R-SC) entre 2020 et 2025. Pendant cette p\u00e9riode, le bureau de Graham a accord\u00e9 un acc\u00e8s important au cabinet de lobbying de cet agent afin de soutenir les int\u00e9r\u00eats du Qatar. Cela comprenait plus de 131 \u00e9changes entre le bureau du s\u00e9nateur et l\u2019agent qatari, ainsi que des r\u00e9unions en personne et des appels t\u00e9l\u00e9phoniques avec Graham lui-m\u00eame.<\/p>\n\n\n\n

Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

Page 6 of 7 1 … 5 6 7
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Soutien am\u00e9ricain aux frappes isra\u00e9liennes<\/h3>\n\n\n\n

Dans une interview du 18 juin 2025, le s\u00e9nateur Cruz a d\u00e9clar\u00e9 : \u00ab Isra\u00ebl a men\u00e9 l\u2019attaque, mais nous (les \u00c9tats-Unis) les avons soutenus. \u00bb Ces propos contredisent les affirmations des responsables de la Maison Blanche, qui nient toute implication am\u00e9ricaine dans les frappes isra\u00e9liennes sur des sites iraniens. Cruz a ainsi confirm\u00e9 l\u2019implication indirecte des troupes am\u00e9ricaines, notamment pour emp\u00eacher les repr\u00e9sailles iraniennes.<\/p>\n\n\n\n

Prise de position en faveur d\u2019une action militaire<\/h3>\n\n\n\n

Cruz est un fervent d\u00e9fenseur d\u2019une ligne dure contre l\u2019Iran. Il a plaid\u00e9 pour des frappes cibl\u00e9es, notamment sur le site hautement prot\u00e9g\u00e9 d\u2019enrichissement d\u2019uranium de Fordow. Il qualifie une \u00e9ventuelle frappe am\u00e9ricaine de \u00ab raisonnable \u00bb et affirme avoir partag\u00e9 son opinion avec le pr\u00e9sident Trump. Sa position refl\u00e8te une frange du Parti r\u00e9publicain favorable \u00e0 un changement de r\u00e9gime \u00e0 T\u00e9h\u00e9ran, \u00e0 travers une pression maximale et une intervention militaire potentielle.<\/p>\n\n\n\n

L\u2019interview explosive avec Tucker Carlson<\/h2>\n\n\n\n

Conflit sur les connaissances et la strat\u00e9gie<\/h3>\n\n\n\n

L\u2019entretien entre Cruz et Carlson a marqu\u00e9 un tournant dans les tensions internes au sein du mouvement MAGA. Carlson, oppos\u00e9 \u00e0 toute implication militaire \u00e9trang\u00e8re, a interrog\u00e9 Cruz sur ses connaissances de base concernant l\u2019Iran, comme la population ou la composition religieuse. Cruz a reconnu ne pas conna\u00eetre ces donn\u00e9es, ce \u00e0 quoi Carlson a r\u00e9pondu : \u00ab Vous ne connaissez m\u00eame pas la population du pays que vous voulez d\u00e9truire ? \u00bb<\/p>\n\n\n\n

Cet \u00e9change r\u00e9v\u00e8le une inqui\u00e9tude plus large sur le manque de comp\u00e9tence ou de compr\u00e9hension des \u00e9lus qui plaident pour la guerre, et soul\u00e8ve des questions fondamentales sur la l\u00e9gitimit\u00e9 de telles prises de position.<\/p>\n\n\n\n

Accusations de bellicisme<\/h3>\n\n\n\n

Carlson a accus\u00e9 Cruz et d\u2019autres alli\u00e9s de Trump de chercher \u00e0 entra\u00eener les \u00c9tats-Unis dans un conflit co\u00fbteux. Il a m\u00eame cit\u00e9 des figures m\u00e9diatiques comme Sean Hannity et Rupert Murdoch comme appartenant \u00e0 une clique de \u00ab fauteurs de guerre \u00bb qui poussent \u00e0 un affrontement avec l\u2019Iran. Cruz a d\u00e9fendu sa position, tout en \u00e9tant critiqu\u00e9 pour avoir m\u00e9lang\u00e9 convictions religieuses et strat\u00e9gie militaire.<\/p>\n\n\n\n

Justifications religieuses et id\u00e9ologiques<\/h2>\n\n\n\n

Le soutien \u00e9vang\u00e9lique \u00e0 Isra\u00ebl<\/h3>\n\n\n\n

Cruz a reconnu que les croyances \u00e9vang\u00e9liques chr\u00e9tiennes \u00e9taient un facteur majeur dans le soutien \u00e0 Isra\u00ebl et l\u2019opposition au r\u00e9gime iranien. Il a \u00e9voqu\u00e9 la th\u00e9ologie dispensationaliste et la promesse biblique selon laquelle \u00ab ceux qui b\u00e9nissent Isra\u00ebl seront b\u00e9nis \u00bb. Cette interpr\u00e9tation religieuse influence fortement les politiques am\u00e9ricaines au Moyen-Orient.<\/p>\n\n\n\n

Implications sur la politique \u00e9trang\u00e8re<\/h3>\n\n\n\n

Si la foi reste un moteur pour certains responsables politiques, les critiques soulignent que cela risque d\u2019\u00e9loigner les d\u00e9cisions des r\u00e9alit\u00e9s g\u00e9opolitiques. Une politique fond\u00e9e sur une id\u00e9ologie ou une th\u00e9ologie peut mener \u00e0 des conflits sans strat\u00e9gie claire ni issue r\u00e9aliste.<\/p>\n\n\n\n

Cons\u00e9quences politiques et divisions internes<\/h2>\n\n\n\n

Une fracture au sein du Parti r\u00e9publicain<\/h3>\n\n\n\n

La position belliciste de Cruz s\u2019oppose \u00e0 la prudence exprim\u00e9e par d\u2019autres r\u00e9publicains, y compris au Texas. L\u00e0 o\u00f9 Cruz appelle au changement de r\u00e9gime, d\u2019autres pr\u00f4nent la diplomatie et mettent en garde contre une nouvelle guerre sans fin. Steve Bannon, ancien strat\u00e8ge de Trump, a critiqu\u00e9 les interventions \u00e0 l\u2019\u00e9tranger, estimant qu\u2019elles affaiblissent la coalition MAGA et d\u00e9tournent l\u2019attention des priorit\u00e9s int\u00e9rieures.<\/p>\n\n\n\n

L\u2019ambigu\u00eft\u00e9 de Trump<\/h3>\n\n\n\n

Le pr\u00e9sident Trump lui-m\u00eame reste ind\u00e9cis. Il envisage, entre autres, de fournir \u00e0 Isra\u00ebl une bombe anti-bunker pour d\u00e9truire les installations nucl\u00e9aires enterr\u00e9es de l\u2019Iran, tout en d\u00e9clarant publiquement : \u00ab Je le ferai peut-\u00eatre, ou peut-\u00eatre pas. \u00bb Cette position refl\u00e8te les d\u00e9bats internes au sein de son \u00e9quipe. Trump a par ailleurs rejet\u00e9 les critiques de Carlson sur Cruz en les qualifiant de \u00ab loufoques \u00bb, illustrant la complexit\u00e9 des rapports de force dans son entourage.<\/p>\n\n\n\n

La compr\u00e9hension du public et ses limites<\/h2>\n\n\n\n

Une ignorance largement r\u00e9pandue<\/h3>\n\n\n\n

Malgr\u00e9 l\u2019enjeu, l\u2019Iran reste mal connu du grand public. En 2020, seulement 23 % des Am\u00e9ricains interrog\u00e9s pouvaient localiser l\u2019Iran sur une carte. Cela met en lumi\u00e8re le d\u00e9calage entre l\u2019opinion publique et la compr\u00e9hension des politiques internationales, et soul\u00e8ve des doutes sur la qualit\u00e9 du d\u00e9bat d\u00e9mocratique autour de l\u2019engagement militaire.<\/p>\n\n\n\n

Les derniers d\u00e9veloppements en 2025<\/h2>\n\n\n\n

Une escalade du conflit Isra\u00ebl-Iran<\/h3>\n\n\n\n

Depuis juin 2025, Isra\u00ebl a intensifi\u00e9 ses attaques contre des cibles militaires iraniennes, notamment le site fortifi\u00e9 de Fordow. L\u2019Iran a r\u00e9pliqu\u00e9 en bombardant des villes isra\u00e9liennes et en lan\u00e7ant des missiles contre des bases et troupes am\u00e9ricaines dans la r\u00e9gion.<\/p>\n\n\n\n

Des projets d\u2019assassinats pr\u00e9sum\u00e9s<\/h3>\n\n\n\n

Des rumeurs font \u00e9tat de tentatives iraniennes d\u2019assassiner Donald Trump, bien que ces all\u00e9gations restent contest\u00e9es. Des responsables isra\u00e9liens ont \u00e9voqu\u00e9 publiquement l\u2019\u00e9limination du guide supr\u00eame iranien, aggravant encore les tensions.<\/p>\n\n\n\n

La posture militaire des \u00c9tats-Unis<\/h3>\n\n\n\n

Les \u00c9tats-Unis ont d\u00e9ploy\u00e9 des navires de guerre et des avions de chasse suppl\u00e9mentaires au Moyen-Orient. Cette mobilisation souligne leur niveau de pr\u00e9paration, alors que le Congr\u00e8s reste divis\u00e9 sur une autorisation formelle d\u2019action militaire.<\/p>\n\n\n\n

Risques li\u00e9s \u00e0 une intervention am\u00e9ricaine<\/h2>\n\n\n\n

Risque d\u2019escalade<\/h3>\n\n\n\n

Une implication directe des \u00c9tats-Unis pourrait transformer le conflit en une guerre r\u00e9gionale, avec des milices pro-iraniennes d\u00e9stabilisant les \u00c9tats voisins. Le risque de repr\u00e9sailles iraniennes contre les troupes ou alli\u00e9s am\u00e9ricains demeure \u00e9lev\u00e9.<\/p>\n\n\n\n

Ambigu\u00eft\u00e9 strat\u00e9gique<\/h3>\n\n\n\n

L\u2019absence de consensus clair au sein du gouvernement am\u00e9ricain et entre ses alli\u00e9s complique les efforts diplomatiques tout en nourrissant les pr\u00e9paratifs militaires.<\/p>\n\n\n\n

Cons\u00e9quences humanitaires<\/h3>\n\n\n\n

Une escalade entra\u00eenerait de lourdes pertes civiles des deux c\u00f4t\u00e9s : morts, bless\u00e9s, d\u00e9placements forc\u00e9s et souffrances humanitaires accrues.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

L\u2019aveu du s\u00e9nateur Ted Cruz concernant le soutien am\u00e9ricain aux frappes isra\u00e9liennes contre l\u2019Iran expose les contradictions de la politique \u00e9trang\u00e8re am\u00e9ricaine. Sa position militariste, teint\u00e9e de convictions religieuses, contraste avec la prudence d\u2019autres voix et r\u00e9v\u00e8le les fractures internes du Parti r\u00e9publicain et du mouvement MAGA.<\/p>\n\n\n\n

Les \u00c9tats-Unis se trouvent \u00e0 un carrefour d\u00e9cisif : entre la mont\u00e9e des tensions, les choix incertains de Trump, et la pression des faucons, les d\u00e9cisions prises dans les semaines \u00e0 venir pourraient d\u00e9terminer l\u2019avenir du conflit Isra\u00ebl-Iran, la position g\u00e9opolitique des \u00c9tats-Unis, et les chances de paix ou de guerre dans l\u2019une des r\u00e9gions les plus explosives au monde.<\/p>\n","post_title":"Isra\u00ebl contr\u00f4le-t-il l\u2019Am\u00e9rique ? Analyse de l\u2019aveu controvers\u00e9 de Ted Cruz sur l\u2019implication des \u00c9tats-Unis dans les frappes contre l\u2019Iran","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"israel-controle-t-il-lamerique-analyse-de-laveu-controverse-de-ted-cruz-sur-limplication-des-etats-unis-dans-les-frappes-contre-liran","to_ping":"","pinged":"","post_modified":"2025-06-28 10:50:31","post_modified_gmt":"2025-06-28 10:50:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=8094","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7845,"post_author":"7","post_date":"2025-05-25 14:57:07","post_date_gmt":"2025-05-25 14:57:07","post_content":"\n

Un agent \u00e9tranger qatari a vers\u00e9 environ 30 000 dollars aux comit\u00e9s de campagne du s\u00e9nateur Lindsey Graham (R-SC) entre 2020 et 2025. Pendant cette p\u00e9riode, le bureau de Graham a accord\u00e9 un acc\u00e8s important au cabinet de lobbying de cet agent afin de soutenir les int\u00e9r\u00eats du Qatar. Cela comprenait plus de 131 \u00e9changes entre le bureau du s\u00e9nateur et l\u2019agent qatari, ainsi que des r\u00e9unions en personne et des appels t\u00e9l\u00e9phoniques avec Graham lui-m\u00eame.<\/p>\n\n\n\n

Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

Page 6 of 7 1 … 5 6 7
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L\u2019aveu de Ted Cruz : qu\u2019a-t-il r\u00e9ellement dit ?<\/h2>\n\n\n\n

Soutien am\u00e9ricain aux frappes isra\u00e9liennes<\/h3>\n\n\n\n

Dans une interview du 18 juin 2025, le s\u00e9nateur Cruz a d\u00e9clar\u00e9 : \u00ab Isra\u00ebl a men\u00e9 l\u2019attaque, mais nous (les \u00c9tats-Unis) les avons soutenus. \u00bb Ces propos contredisent les affirmations des responsables de la Maison Blanche, qui nient toute implication am\u00e9ricaine dans les frappes isra\u00e9liennes sur des sites iraniens. Cruz a ainsi confirm\u00e9 l\u2019implication indirecte des troupes am\u00e9ricaines, notamment pour emp\u00eacher les repr\u00e9sailles iraniennes.<\/p>\n\n\n\n

Prise de position en faveur d\u2019une action militaire<\/h3>\n\n\n\n

Cruz est un fervent d\u00e9fenseur d\u2019une ligne dure contre l\u2019Iran. Il a plaid\u00e9 pour des frappes cibl\u00e9es, notamment sur le site hautement prot\u00e9g\u00e9 d\u2019enrichissement d\u2019uranium de Fordow. Il qualifie une \u00e9ventuelle frappe am\u00e9ricaine de \u00ab raisonnable \u00bb et affirme avoir partag\u00e9 son opinion avec le pr\u00e9sident Trump. Sa position refl\u00e8te une frange du Parti r\u00e9publicain favorable \u00e0 un changement de r\u00e9gime \u00e0 T\u00e9h\u00e9ran, \u00e0 travers une pression maximale et une intervention militaire potentielle.<\/p>\n\n\n\n

L\u2019interview explosive avec Tucker Carlson<\/h2>\n\n\n\n

Conflit sur les connaissances et la strat\u00e9gie<\/h3>\n\n\n\n

L\u2019entretien entre Cruz et Carlson a marqu\u00e9 un tournant dans les tensions internes au sein du mouvement MAGA. Carlson, oppos\u00e9 \u00e0 toute implication militaire \u00e9trang\u00e8re, a interrog\u00e9 Cruz sur ses connaissances de base concernant l\u2019Iran, comme la population ou la composition religieuse. Cruz a reconnu ne pas conna\u00eetre ces donn\u00e9es, ce \u00e0 quoi Carlson a r\u00e9pondu : \u00ab Vous ne connaissez m\u00eame pas la population du pays que vous voulez d\u00e9truire ? \u00bb<\/p>\n\n\n\n

Cet \u00e9change r\u00e9v\u00e8le une inqui\u00e9tude plus large sur le manque de comp\u00e9tence ou de compr\u00e9hension des \u00e9lus qui plaident pour la guerre, et soul\u00e8ve des questions fondamentales sur la l\u00e9gitimit\u00e9 de telles prises de position.<\/p>\n\n\n\n

Accusations de bellicisme<\/h3>\n\n\n\n

Carlson a accus\u00e9 Cruz et d\u2019autres alli\u00e9s de Trump de chercher \u00e0 entra\u00eener les \u00c9tats-Unis dans un conflit co\u00fbteux. Il a m\u00eame cit\u00e9 des figures m\u00e9diatiques comme Sean Hannity et Rupert Murdoch comme appartenant \u00e0 une clique de \u00ab fauteurs de guerre \u00bb qui poussent \u00e0 un affrontement avec l\u2019Iran. Cruz a d\u00e9fendu sa position, tout en \u00e9tant critiqu\u00e9 pour avoir m\u00e9lang\u00e9 convictions religieuses et strat\u00e9gie militaire.<\/p>\n\n\n\n

Justifications religieuses et id\u00e9ologiques<\/h2>\n\n\n\n

Le soutien \u00e9vang\u00e9lique \u00e0 Isra\u00ebl<\/h3>\n\n\n\n

Cruz a reconnu que les croyances \u00e9vang\u00e9liques chr\u00e9tiennes \u00e9taient un facteur majeur dans le soutien \u00e0 Isra\u00ebl et l\u2019opposition au r\u00e9gime iranien. Il a \u00e9voqu\u00e9 la th\u00e9ologie dispensationaliste et la promesse biblique selon laquelle \u00ab ceux qui b\u00e9nissent Isra\u00ebl seront b\u00e9nis \u00bb. Cette interpr\u00e9tation religieuse influence fortement les politiques am\u00e9ricaines au Moyen-Orient.<\/p>\n\n\n\n

Implications sur la politique \u00e9trang\u00e8re<\/h3>\n\n\n\n

Si la foi reste un moteur pour certains responsables politiques, les critiques soulignent que cela risque d\u2019\u00e9loigner les d\u00e9cisions des r\u00e9alit\u00e9s g\u00e9opolitiques. Une politique fond\u00e9e sur une id\u00e9ologie ou une th\u00e9ologie peut mener \u00e0 des conflits sans strat\u00e9gie claire ni issue r\u00e9aliste.<\/p>\n\n\n\n

Cons\u00e9quences politiques et divisions internes<\/h2>\n\n\n\n

Une fracture au sein du Parti r\u00e9publicain<\/h3>\n\n\n\n

La position belliciste de Cruz s\u2019oppose \u00e0 la prudence exprim\u00e9e par d\u2019autres r\u00e9publicains, y compris au Texas. L\u00e0 o\u00f9 Cruz appelle au changement de r\u00e9gime, d\u2019autres pr\u00f4nent la diplomatie et mettent en garde contre une nouvelle guerre sans fin. Steve Bannon, ancien strat\u00e8ge de Trump, a critiqu\u00e9 les interventions \u00e0 l\u2019\u00e9tranger, estimant qu\u2019elles affaiblissent la coalition MAGA et d\u00e9tournent l\u2019attention des priorit\u00e9s int\u00e9rieures.<\/p>\n\n\n\n

L\u2019ambigu\u00eft\u00e9 de Trump<\/h3>\n\n\n\n

Le pr\u00e9sident Trump lui-m\u00eame reste ind\u00e9cis. Il envisage, entre autres, de fournir \u00e0 Isra\u00ebl une bombe anti-bunker pour d\u00e9truire les installations nucl\u00e9aires enterr\u00e9es de l\u2019Iran, tout en d\u00e9clarant publiquement : \u00ab Je le ferai peut-\u00eatre, ou peut-\u00eatre pas. \u00bb Cette position refl\u00e8te les d\u00e9bats internes au sein de son \u00e9quipe. Trump a par ailleurs rejet\u00e9 les critiques de Carlson sur Cruz en les qualifiant de \u00ab loufoques \u00bb, illustrant la complexit\u00e9 des rapports de force dans son entourage.<\/p>\n\n\n\n

La compr\u00e9hension du public et ses limites<\/h2>\n\n\n\n

Une ignorance largement r\u00e9pandue<\/h3>\n\n\n\n

Malgr\u00e9 l\u2019enjeu, l\u2019Iran reste mal connu du grand public. En 2020, seulement 23 % des Am\u00e9ricains interrog\u00e9s pouvaient localiser l\u2019Iran sur une carte. Cela met en lumi\u00e8re le d\u00e9calage entre l\u2019opinion publique et la compr\u00e9hension des politiques internationales, et soul\u00e8ve des doutes sur la qualit\u00e9 du d\u00e9bat d\u00e9mocratique autour de l\u2019engagement militaire.<\/p>\n\n\n\n

Les derniers d\u00e9veloppements en 2025<\/h2>\n\n\n\n

Une escalade du conflit Isra\u00ebl-Iran<\/h3>\n\n\n\n

Depuis juin 2025, Isra\u00ebl a intensifi\u00e9 ses attaques contre des cibles militaires iraniennes, notamment le site fortifi\u00e9 de Fordow. L\u2019Iran a r\u00e9pliqu\u00e9 en bombardant des villes isra\u00e9liennes et en lan\u00e7ant des missiles contre des bases et troupes am\u00e9ricaines dans la r\u00e9gion.<\/p>\n\n\n\n

Des projets d\u2019assassinats pr\u00e9sum\u00e9s<\/h3>\n\n\n\n

Des rumeurs font \u00e9tat de tentatives iraniennes d\u2019assassiner Donald Trump, bien que ces all\u00e9gations restent contest\u00e9es. Des responsables isra\u00e9liens ont \u00e9voqu\u00e9 publiquement l\u2019\u00e9limination du guide supr\u00eame iranien, aggravant encore les tensions.<\/p>\n\n\n\n

La posture militaire des \u00c9tats-Unis<\/h3>\n\n\n\n

Les \u00c9tats-Unis ont d\u00e9ploy\u00e9 des navires de guerre et des avions de chasse suppl\u00e9mentaires au Moyen-Orient. Cette mobilisation souligne leur niveau de pr\u00e9paration, alors que le Congr\u00e8s reste divis\u00e9 sur une autorisation formelle d\u2019action militaire.<\/p>\n\n\n\n

Risques li\u00e9s \u00e0 une intervention am\u00e9ricaine<\/h2>\n\n\n\n

Risque d\u2019escalade<\/h3>\n\n\n\n

Une implication directe des \u00c9tats-Unis pourrait transformer le conflit en une guerre r\u00e9gionale, avec des milices pro-iraniennes d\u00e9stabilisant les \u00c9tats voisins. Le risque de repr\u00e9sailles iraniennes contre les troupes ou alli\u00e9s am\u00e9ricains demeure \u00e9lev\u00e9.<\/p>\n\n\n\n

Ambigu\u00eft\u00e9 strat\u00e9gique<\/h3>\n\n\n\n

L\u2019absence de consensus clair au sein du gouvernement am\u00e9ricain et entre ses alli\u00e9s complique les efforts diplomatiques tout en nourrissant les pr\u00e9paratifs militaires.<\/p>\n\n\n\n

Cons\u00e9quences humanitaires<\/h3>\n\n\n\n

Une escalade entra\u00eenerait de lourdes pertes civiles des deux c\u00f4t\u00e9s : morts, bless\u00e9s, d\u00e9placements forc\u00e9s et souffrances humanitaires accrues.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

L\u2019aveu du s\u00e9nateur Ted Cruz concernant le soutien am\u00e9ricain aux frappes isra\u00e9liennes contre l\u2019Iran expose les contradictions de la politique \u00e9trang\u00e8re am\u00e9ricaine. Sa position militariste, teint\u00e9e de convictions religieuses, contraste avec la prudence d\u2019autres voix et r\u00e9v\u00e8le les fractures internes du Parti r\u00e9publicain et du mouvement MAGA.<\/p>\n\n\n\n

Les \u00c9tats-Unis se trouvent \u00e0 un carrefour d\u00e9cisif : entre la mont\u00e9e des tensions, les choix incertains de Trump, et la pression des faucons, les d\u00e9cisions prises dans les semaines \u00e0 venir pourraient d\u00e9terminer l\u2019avenir du conflit Isra\u00ebl-Iran, la position g\u00e9opolitique des \u00c9tats-Unis, et les chances de paix ou de guerre dans l\u2019une des r\u00e9gions les plus explosives au monde.<\/p>\n","post_title":"Isra\u00ebl contr\u00f4le-t-il l\u2019Am\u00e9rique ? Analyse de l\u2019aveu controvers\u00e9 de Ted Cruz sur l\u2019implication des \u00c9tats-Unis dans les frappes contre l\u2019Iran","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"israel-controle-t-il-lamerique-analyse-de-laveu-controverse-de-ted-cruz-sur-limplication-des-etats-unis-dans-les-frappes-contre-liran","to_ping":"","pinged":"","post_modified":"2025-06-28 10:50:31","post_modified_gmt":"2025-06-28 10:50:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=8094","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7845,"post_author":"7","post_date":"2025-05-25 14:57:07","post_date_gmt":"2025-05-25 14:57:07","post_content":"\n

Un agent \u00e9tranger qatari a vers\u00e9 environ 30 000 dollars aux comit\u00e9s de campagne du s\u00e9nateur Lindsey Graham (R-SC) entre 2020 et 2025. Pendant cette p\u00e9riode, le bureau de Graham a accord\u00e9 un acc\u00e8s important au cabinet de lobbying de cet agent afin de soutenir les int\u00e9r\u00eats du Qatar. Cela comprenait plus de 131 \u00e9changes entre le bureau du s\u00e9nateur et l\u2019agent qatari, ainsi que des r\u00e9unions en personne et des appels t\u00e9l\u00e9phoniques avec Graham lui-m\u00eame.<\/p>\n\n\n\n

Cette dynamique a \u00e9t\u00e9 clairement illustr\u00e9e ces derni\u00e8res ann\u00e9es. Selon une analyse du Washington Examiner<\/em> fond\u00e9e sur des centaines de documents publics, les agents \u00e9trangers actifs du Qatar ont vers\u00e9 pr\u00e8s de 700 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 d\u2019autres responsables gouvernementaux depuis 2020, tout en entretenant des canaux de communication ouverts et un acc\u00e8s direct avec des l\u00e9gislateurs influents \u2013 souvent les m\u00eames auxquels ils faisaient des dons.<\/p>\n\n\n\n

Une \u00e9tude universitaire de 2018 a d\u00e9montr\u00e9 que lorsque des sujets importants pour les lobbyistes sont au centre du processus politique, ces derniers augmentent leurs contributions aux comit\u00e9s et parlementaires concern\u00e9s. Une autre \u00e9tude de 2015 a \u00e9galement r\u00e9v\u00e9l\u00e9 qu\u2019un don \u00e0 un membre du Congr\u00e8s augmentait l'acc\u00e8s \u00e0 son bureau, indiquant que ces paiements de lobbying pourraient \u00eatre motiv\u00e9s par le d\u00e9sir d\u2019influencer la politique.<\/p>\n\n\n\n

Andrew King, un agent \u00e9tranger qatari qui a fait d\u2019importants dons aux comit\u00e9s d\u2019action politique (PAC) de Graham, entretient des liens bien plus profonds que financiers avec le s\u00e9nateur de Caroline du Sud. Avant de fonder Neale Creek, une entreprise de relations gouvernementales et de conseil politique, King a travaill\u00e9 pr\u00e8s de 20 ans dans le bureau de Graham, o\u00f9 il supervisait notamment les affaires du Moyen-Orient. En plus de ses propres dons politiques, King est tr\u00e9sorier et cofondateur du PAC 150, qui a vers\u00e9 des milliers de dollars \u00e0 Graham ainsi qu\u2019\u00e0 d'autres membres du Congr\u00e8s.<\/p>\n\n\n\n

Selon des documents d\u00e9pos\u00e9s aupr\u00e8s du D\u00e9partement de la Justice am\u00e9ricain, King et Neale Creek ont utilis\u00e9 l\u2019acc\u00e8s accord\u00e9 par les bureaux du Congr\u00e8s pour promouvoir<\/a> les affaires avec l\u2019\u00c9tat du Qatar. L'\u00c9tat d'origine de Graham, la Caroline du Sud, b\u00e9n\u00e9ficie d'investissements significatifs en provenance du Qatar. Toutefois, la base de donn\u00e9es de la loi sur l\u2019enregistrement des agents \u00e9trangers (FARA) du DOJ ne contient pas les documents sp\u00e9cifiques \u00e9chang\u00e9s entre Neale Creek et les repr\u00e9sentants du Congr\u00e8s.<\/p>\n\n\n\n

L\u2019influence de Neale Creek d\u00e9passe le seul bureau de Graham. Depuis 2020, l\u2019entreprise a rencontr\u00e9 des interlocuteurs du Congr\u00e8s en personne, par t\u00e9l\u00e9phone, email et messages textes, et a vers\u00e9 pr\u00e8s de 180 000 dollars \u00e0 des membres du Congr\u00e8s et \u00e0 des PAC affili\u00e9s. Les agents \u00e9trangers qataris employ\u00e9s par Rubin Turnbull & Associates ont, ensemble, effectu\u00e9 les contributions les plus importantes aux groupes politiques, pour un montant d\u2019environ 225 000 dollars depuis 2020.<\/p>\n\n\n\n

M\u00eame si les communications de Neale Creek et King avec les membres du Congr\u00e8s ne sont pas enti\u00e8rement publiques, les documents issus d\u2019autres entreprises repr\u00e9sentant le Qatar apportent certains \u00e9clairages.<\/p>\n\n\n\n

Par exemple, des documents diffus\u00e9s par des agents \u00e9trangers qataris employ\u00e9s par le cabinet Venable minimisent les liens de l\u2019\u00e9mirat avec les groupes terroristes tout en mettant en avant les avantages des investissements r\u00e9alis\u00e9s par son fonds souverain.<\/p>\n\n\n\n

L\u2019un de ces documents pr\u00e9sent\u00e9 aux d\u00e9cideurs politiques indique, par exemple, que le Qatar est \u00ab un membre fondateur de la Coalition mondiale contre Daech \u00bb, mais ne mentionne pas que le fondateur d\u2019Al-Qa\u00efda \u2013 pr\u00e9curseur de Daech \u2013 a trouv\u00e9 refuge en Irak gr\u00e2ce \u00e0 un membre de la famille royale qatarie. De plus, le monarque qatari a fourni des passeports qataris ainsi qu\u2019un soutien financier d\u2019un million de dollars \u00e0 des militants d\u2019Al-Qa\u00efda en Irak. Le Qatar est \u00e9galement l\u2019une des principales sources de financement du Hamas.<\/p>\n\n\n\n

Comme Neale Creek, Venable verse aussi d\u2019importantes contributions aux membres du Congr\u00e8s qu\u2019il cherche ensuite \u00e0 influencer. Les documents de financement de campagnes r\u00e9v\u00e8lent que, depuis 2020, le PAC du cabinet a vers\u00e9 des dizaines de milliers de dollars \u00e0 des entit\u00e9s associ\u00e9es aux dirigeants du Congr\u00e8s, toutes tendances politiques confondues.<\/p>\n","post_title":"Des dons de lobbyistes qataris soul\u00e8vent des pr\u00e9occupations \u00e9thiques au Capitole","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"des-dons-de-lobbyistes-qataris-soulevent-des-preoccupations-ethiques-au-capitole","to_ping":"","pinged":"","post_modified":"2025-05-26 14:58:17","post_modified_gmt":"2025-05-26 14:58:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=7845","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6437,"post_author":"7","post_date":"2022-09-28 21:01:41","post_date_gmt":"2022-09-28 21:01:41","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/strong><\/p>\n\n\n\n

Des plages phosphorescentes qui brillent dans le noir. La premi\u00e8re piste de ski en plein air du golfe Persique. Des milliards d'arbres plant\u00e9s dans un pays domin\u00e9 par le d\u00e9sert. Des trains qui l\u00e9vitent. Le taux le plus \u00e9lev\u00e9 de restaurants \u00e9toil\u00e9s par habitant. Des taxis volants propuls\u00e9s par des drones. Une lune artificielle. Une ville sans voiture et sans carbone construite en ligne droite au milieu du d\u00e9sert sur plus de 170 km. Des coccinelles-robots qui nettoient les maisons des r\u00e9sidents. Cette ville supplante la Silicon Valley en mati\u00e8re de technologie, Hollywood en mati\u00e8re de divertissement et la C\u00f4te d'Azur comme destination de vacances[1]<\/sup><\/a>. Le tout aliment\u00e9 par une \u00e9nergie 100% renouvelable. Trop beau pour \u00eatre vrai ? Peut-\u00eatre pas : Neom promet d'\u00eatre un \"projet pour demain dans lequel l'humanit\u00e9 progresse sans compromettre la sant\u00e9 de la plan\u00e8te<\/em>\"[2]<\/sup><\/a>.<\/p>\n\n\n\n

Un r\u00eave audacieux, ambitieux et \u00e9poustouflant de \"nouveau futur, celui de l'innovation dans les affaires, de la vivabilit\u00e9 et de la durabilit\u00e9<\/em>\" - NEOM (arabe : \u0646\u064a\u0648\u0645), a \u00e9t\u00e9 pr\u00e9sent\u00e9 par le prince saoudien Mohammad bin Salman en 2017 lors de l'explication du projet Vision 2030[3]<\/sup><\/a>, le plan visant \u00e0 la diversification \u00e9conomique, sociale et culturelle du pays, qui lui permettra de ne plus d\u00e9pendre du p\u00e9trole. La ville \u00e9cologique sera construite sur les rives de la mer Rouge, dans le d\u00e9sert au nord-ouest de l'Arabie saoudite, dans la province de Tabuk, s'\u00e9tendant vers l'\u00c9gypte et la Jordanie (reliant ainsi l'Asie, l'Afrique et l'Europe), couvrant une superficie totale de plus de 26 500 km2 - une zone plus grande que l'ensemble du Kowe\u00eft ou d'Isra\u00ebl. Il co\u00fbtera plus de 500 milliards USD, financ\u00e9s par l'\u00c9tat et des investisseurs locaux et internationaux[4]<\/sup><\/a>. En 2018, l'\u00c9gypte a annonc\u00e9 qu'elle contribuait en vendant certains terrains[5]<\/sup><\/a>.<\/p>\n\n\n\n

NEOM (qui signifie le \"nouvel avenir\"[6]<\/sup><\/a>) n'est pas seulement un lieu, c'est un \u00e9tat d'esprit. Il est con\u00e7u, construit et administr\u00e9 de mani\u00e8re \u00e0 ce que les infrastructures \u00e9conomiques et environnementales ne soient pas d\u00e9pass\u00e9es. La ville est con\u00e7ue pour atteindre quatre objectifs majeurs: 1) diversifier l'\u00e9conomie saoudienne et s'assurer un r\u00f4le de premier plan dans le d\u00e9veloppement mondial; 2) devenir le domicile, le lieu de travail et le nouvel avenir de plus d'un million de personnes dans le monde; 3) introduire un nouveau mod\u00e8le de durabilit\u00e9 urbaine et fixer de nouvelles normes en mati\u00e8re de sant\u00e9, de protection de l'environnement et d'utilisation efficace et productive de la technologie; 4) inclure des centres de recherche, des sites de sport et de divertissement, des destinations touristiques - le tout \u00e0 l'\u00e9chelle humaine: habitabilit\u00e9, sant\u00e9 et bien-\u00eatre[7]<\/sup><\/a>. S\u00e9curit\u00e9 totale: des cam\u00e9ras, des drones et des technologies de reconnaissance faciale sont pr\u00e9vus pour suivre tout le monde \u00e0 tout moment[8]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet est divis\u00e9 en trois parties: THE LINE - une ville moderne con\u00e7ue dans le respect total de la nature; OXAGON - sa ville de fabrication et d'innovation ; TROJENA - la destination touristique de montagne qui offrira le premier ski en plein air du Golfe arabe. Tout sera g\u00e9r\u00e9 par deux filiales de NEOM: ENOWA, la filiale de Neom cr\u00e9\u00e9e en 2022 qui s'occupe d'\u00e9nergie, d'eau et d'hydrog\u00e8ne, et NEOM Tech & Digital Company[9]<\/sup><\/a>. La soci\u00e9t\u00e9 holding NEOM Company d\u00e9veloppe le projet et est enti\u00e8rement d\u00e9tenue par le Fonds d'investissement public (PIF), le fonds souverain d'Arabie saoudite[10]<\/sup><\/a>.<\/p>\n\n\n\n

La plateforme XVRS[11]<\/sup><\/a> qui sous-tend toutes les fonctions et tous les services de NEOM a \u00e9t\u00e9 officiellement annonc\u00e9e en f\u00e9vrier dernier \u00e0 Riyad, lors de LEAP 2022, le forum qui se veut le point de rencontre des plus grands groupes TECH internationaux. XVRS, fruit d'un investissement important de Neom Tech & Digital Co, sera test\u00e9 \u00e0 Neom et pourra \u00eatre achet\u00e9 par d'autres entreprises ou villes qui souhaitent adopter le mod\u00e8le saoudien d'\"humanisme technologique\", pour mettre en \u0153uvre des fonctions et des services. Malgr\u00e9 les doutes soulev\u00e9s par le projet, l'attente de sa r\u00e9alisation est tr\u00e8s forte[12]<\/sup><\/a>. Son PDG est Nadhmi Al-Nasr, qui a plus de 30 ans d'exp\u00e9rience chez Saudi Aramco[13]<\/sup><\/a>.<\/p>\n\n\n\n

The Line - la ville verticale<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le site de la nouvelle ville futuriste - NEOM[14]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

La partie habit\u00e9e de Neom, qui peut accueillir jusqu'\u00e0 9 millions de personnes, sera construite en couches et en niveaux - une ligne droite \u00e0 travers le d\u00e9sert, large de 200 m\u00e8tres seulement et \u00e0 500 m\u00e8tres au-dessus du niveau de la mer, mais longue de 170 km. Pas de voitures, pas de routes, tout sera aliment\u00e9 par des \u00e9nergies renouvelables \u00e0 100% et 95% des terrains seront accessibles \u00e0 pied[15]<\/sup><\/a>. La ville verte verticale au climat id\u00e9al sera construite pour l'homme et autour de l'homme - plus heureux, plus prosp\u00e8re: 380 000 emplois seront cr\u00e9\u00e9s d'ici 2030, et de nombreux co\u00fbts (tels que les assurances et l'entretien des voitures, l'essence, le stationnement, etc.) n'existeront pas. La ville qui favorise l'\u00e9ducation, la recherche et l'innovation; ici, les personnes talentueuses seront les bienvenues[16]<\/sup><\/a>.<\/p>\n\n\n\n

Ali Shihabi, ancien banquier et fondateur de la Fondation Arabia, qui est membre du conseil consultatif de Neom depuis 2020[17]<\/sup><\/a>, explique que The Line sera construite par \u00e9tapes, bloc par bloc. \"Les gens disent que c'est un projet fou qui va co\u00fbter des milliards, mais il sera construit module par module pour r\u00e9pondre \u00e0 la demande.<\/em>\" \u00c0 l'instar des \"super-blocs\" sans circulation de Barcelone, chaque place sera autosuffisante et contiendra des services tels que des magasins et des \u00e9coles, de sorte que tout ce dont vous avez besoin se trouve \u00e0 cinq minutes \u00e0 pied ou \u00e0 v\u00e9lo[18]<\/sup><\/a>. Une fois termin\u00e9e, la ligne sera parcourue par des trains hyper rapides, avec un temps de trajet maximum de 20 minutes. Les services automatis\u00e9s seront g\u00e9r\u00e9s par l'intelligence artificielle[19]<\/sup><\/a>.<\/p>\n\n\n\n

Selon le prince Mohammad bin Salman, pr\u00e9sident du conseil d'administration de NEOM, \"THE LINE permettra de relever les d\u00e9fis auxquels l'humanit\u00e9 est confront\u00e9e aujourd'hui dans la vie urbaine et mettra en lumi\u00e8re des modes de vie alternatifs. Nous ne pouvons pas ignorer les crises de l'environnement et de l'habitabilit\u00e9 qui frappent les villes du monde entier. NEOM est \u00e0 l'avant-garde de la recherche de solutions nouvelles et imaginatives pour r\u00e9soudre ces probl\u00e8mes. NEOM dirige une \u00e9quipe compos\u00e9e des esprits les plus brillants dans les domaines de l'architecture, de l'ing\u00e9nierie et de la construction pour faire de l'id\u00e9e de construire vers le haut une r\u00e9alit\u00e9<\/em>\"[20]<\/sup><\/a>.<\/p>\n\n\n\n

Oxagon - la ville flottante<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

La g\u00e9om\u00e9trie de l'Oxagon, presque toute dans la mer[21]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

OXAGON: la premi\u00e8re ville flottante sur l'eau - Le port et la plateforme logistique de nouvelle g\u00e9n\u00e9ration de NEOM, enti\u00e8rement automatis\u00e9s, seront un lieu o\u00f9 les innovateurs et les entrepreneurs pourront acc\u00e9l\u00e9rer le passage des id\u00e9es des laboratoires aux march\u00e9s; les usines du futur pour les produits du futur seront cr\u00e9\u00e9es ici. Une cha\u00eene d'approvisionnement physique et num\u00e9rique int\u00e9gr\u00e9e offrira une connectivit\u00e9 portuaire et a\u00e9roportuaire mondiale in\u00e9gal\u00e9e[22]<\/sup><\/a>. Sept secteurs innovants: l'\u00e9nergie durable, la mobilit\u00e9 autonome, l'innovation dans le domaine de l'eau, la production alimentaire durable, la sant\u00e9 et le bien-\u00eatre, la technologie et la fabrication num\u00e9riques (y compris les t\u00e9l\u00e9communications, la technologie spatiale et la robotique) et les m\u00e9thodes de construction modernes, tous aliment\u00e9s par une \u00e9nergie 100 % propre et neutre en carbone[23]<\/sup><\/a>. Ils l'appellent l'industrie 4.0<\/em>[24]<\/sup><\/a>.<\/p>\n\n\n\n

Le prince saoudien bin Salman est enthousiaste \u00e0 ce sujet: \"OXAGON sera le catalyseur de la croissance \u00e9conomique et de la diversit\u00e9 dans le NEOM et le Royaume, ce qui nous permettra de r\u00e9aliser nos ambitions dans le cadre de Vision 2030. OXAGON contribuera \u00e0 red\u00e9finir l'approche globale du d\u00e9veloppement industriel \u00e0 l'avenir, en prot\u00e9geant l'environnement tout en cr\u00e9ant des emplois et de la croissance pour les NEOM. Il contribuera au commerce r\u00e9gional de l'Arabie saoudite et cr\u00e9era un nouveau point de convergence pour les flux commerciaux mondiaux. Cette nouvelle ville, construite autour de nouvelles industries innovantes, a commenc\u00e9 son d\u00e9veloppement et nous nous r\u00e9jouissons de son expansion rapide<\/em>\"[25]<\/sup><\/a>. Et il y a d\u00e9j\u00e0 des investisseurs qui croient au r\u00eave du prince et veulent lancer leurs propres projets au sein de l'Oxagon, en cr\u00e9ant des usines dot\u00e9es des derni\u00e8res technologies d'intelligence artificielle.<\/p>\n\n\n\n

La plus grande structure flottante du monde (plus de 7 km) est id\u00e9alement situ\u00e9e sur la mer Rouge, \u00e0 proximit\u00e9 du canal de Suez, la porte d'entr\u00e9e pour la circulation des marchandises entre l'Europe et l'Asie, par laquelle transite environ 13% du commerce mondial[26]<\/sup><\/a>. Au c\u0153ur d'OXAGON se trouvera l'adoption de technologies de pointe telles que l'Internet des objets (IoT), la fusion homme-machine, l'intelligence artificielle et pr\u00e9dictive et la robotique, le tout coupl\u00e9 \u00e0 un r\u00e9seau de centres de distribution enti\u00e8rement automatis\u00e9s et de v\u00e9hicules autonomes de livraison du dernier kilom\u00e8tre[27]<\/sup><\/a>. Sur la c\u00f4te de la mer Rouge, Neom a annonc\u00e9 une collaboration avec Kaust Innovation (un centre saoudien de recherche et d\u00e9veloppement en technologie de pointe[28]<\/sup><\/a>) pour le plus grand projet de restauration de r\u00e9cifs coralliens au monde[29]<\/sup><\/a>.<\/p>\n\n\n\n

Le d\u00e9veloppement d'OXAGON est en bonne voie et des plans pour de grandes installations de production sont en cours. Ces installations comprennent le plus grand projet d'hydrog\u00e8ne vert du monde (5 milliards de dollars), auquel participent Air Products, ACWA Power et NEOM[30]<\/sup><\/a>; l'usine de construction modulaire la plus grande et la plus avanc\u00e9e du monde (Gulf Development International Ltd[31]<\/sup><\/a>) et le plus grand centre de donn\u00e9es hyperscale de la r\u00e9gion, une coentreprise entre FAS Energy Co. et NEOM[32]<\/sup><\/a>. C'est ici, \u00e0 Oxagon, que sera install\u00e9 un syst\u00e8me unique de dessalement de l'eau de mer qui fournira (d\u00e8s 2023) une eau pure et potable, le tout aliment\u00e9 \u00e0 100 % par des \u00e9nergies renouvelables (solaire et \u00e9olienne), construit par Enowa, le japonais Itochu et le g\u00e9ant fran\u00e7ais Veolia[33]<\/sup><\/a>. Les premiers locataires productifs seront accueillis d\u00e8s la fin de l'ann\u00e9e 2022[34]<\/sup><\/a>. Sur les 48 km2 d'Oxagon, 90 000 personnes vivront (les premi\u00e8res en 2024) et 70 000 emplois seront cr\u00e9\u00e9s[35]<\/sup><\/a>.<\/p>\n\n\n\n

Trojena - les montagnes de NEOM<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trojena - une destination unique au monde<\/sub><\/strong>[36]<\/sup><\/sub><\/a><\/p>\n\n\n\n

Trojena fait partie du plan r\u00e9gional NEOM et est situ\u00e9e \u00e0 50 km de la c\u00f4te du Golfe d'Aqaba, avec une altitude comprise entre 1500 et 2600 m\u00e8tres et une superficie de pr\u00e8s de 60 km2. La zone la plus fascinante de Neom offrira des exp\u00e9riences uniques : il y aura six districts de d\u00e9veloppement (Gateway, Discover, Valley, Explore, Relax and Fun[37]<\/sup><\/a>) organis\u00e9s autour de structures architecturales r\u00e9elles et virtuelles[38]<\/sup><\/a>.<\/p>\n\n\n\n

Le projet, qui proposera toute l'ann\u00e9e des activit\u00e9s de ski de plein air, de sports d'aventure, de sports nautiques, de randonn\u00e9e, de VTT et un luxueux village vertical de haute technologie (le \"Vault\") autour d'un magnifique lac d'eau douce, sera achev\u00e9 en 2026. Le complexe comprendra des appartements, des chalets et des villas, ainsi que des h\u00f4tels allant de l'ultra-luxe \u00e0 l'exp\u00e9rience, au bien-\u00eatre et \u00e0 la famille. En outre, il y aura un large \u00e9ventail de commerces, de loisirs et de restaurants. TROJENA pr\u00e9voit d'attirer 700 000 visiteurs et 700 r\u00e9sidents permanents d'ici 2030[39]<\/sup><\/a>.<\/p>\n\n\n\n

En mars 2022, Mohammed Bin Salman, l'a d\u00e9crit comme suit: \"TROJENA red\u00e9finira le tourisme de montagne dans le monde en cr\u00e9ant un lieu bas\u00e9 sur les principes de l'\u00e9cotourisme, en soulignant nos efforts pour pr\u00e9server la nature et am\u00e9liorer la qualit\u00e9 de vie de la communaut\u00e9, conform\u00e9ment aux objectifs de la Vision 2030 du Royaume. Elle confirme \u00e9galement notre engagement \u00e0 participer \u00e0 l'effort mondial de protection de l'environnement. TROJENA sera un atout important pour le tourisme dans la r\u00e9gion, un exemple unique de la mani\u00e8re dont l'Arabie saoudite cr\u00e9e des destinations bas\u00e9es sur sa diversit\u00e9 g\u00e9ographique et environnementale. Cette vision prospective permettra de garantir que le tourisme de montagne repr\u00e9sente une autre source de revenus pour soutenir la diversification \u00e9conomique du Royaume, tout en pr\u00e9servant ses ressources naturelles pour les g\u00e9n\u00e9rations futures<\/em>\"[40]<\/sup><\/a>.<\/p>\n\n\n\n

Questions tribales<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Abdul Rahim al-Huwaiti a mis en ligne des vid\u00e9os dans lesquelles il disait s'attendre \u00e0 \u00eatre tu\u00e9[41]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le projet est fabuleux, moderne, innovant, mais il y a toujours un \"mais\". Sous le vernis du luxe se cache une histoire de menaces, d'expulsions forc\u00e9es et d'effusions de sang[42]<\/sup><\/a>. Le site sera construit sur les terres de l'ancienne tribu Huwaitat (ou Howeitat), une tribu b\u00e9douine fi\u00e8re, ancienne et traditionnellement nomade qui vit depuis des centaines d'ann\u00e9es des deux c\u00f4t\u00e9s de la fronti\u00e8re arabo-jordanienne et dans la p\u00e9ninsule du Sina\u00ef. V\u00e9n\u00e9r\u00e9s dans l'histoire comme des guerriers intr\u00e9pides, ils ont combattu aux c\u00f4t\u00e9s de T. E. Lawrence lors de la r\u00e9volte arabe de 1917, qui les a mentionn\u00e9s dans ses m\u00e9moires \u00e9piques, Seven Pillars of Wisdom[43]<\/sup><\/a>.<\/p>\n\n\n\n

\"Pour la tribu Huwaitat, Neom est construit sur notre sang, sur nos os<\/em>\", a d\u00e9clar\u00e9 la militante Alia Hayel Aboutiyah al-Huwaiti. \"Ce n'est certainement pas pour les personnes qui y vivent d\u00e9j\u00e0! C'est pour les touristes, pour les gens qui ont de l'argent. Mais pas pour les gens qui y vivent<\/em>\"[44]<\/sup><\/a>. Le projet promet de cr\u00e9er des emplois et de g\u00e9n\u00e9rer des richesses dans cette r\u00e9gion sous-d\u00e9velopp\u00e9e, mais jusqu'\u00e0 pr\u00e9sent, la population locale n'en a vu aucun avantage[45]<\/sup><\/a>.<\/p>\n\n\n\n

Des semaines apr\u00e8s l'annonce de Neom en 2017, les habitants de la r\u00e9gion sont all\u00e9s voir le gouverneur r\u00e9gional pour lui demander s'ils seraient relocalis\u00e9s - il a r\u00e9pondu qu'il ne pouvait pas les aider. Ce n'est pas rare dans le Royaume - le d\u00e9placement des r\u00e9sidents dans l'int\u00e9r\u00eat des projets de travaux publics. En 2017, les Nations unies ont condamn\u00e9 la d\u00e9molition forc\u00e9e de la ville fortifi\u00e9e d'Awamia, dans la r\u00e9gion orientale de Qatif, comme une violation des droits de l'homme. Karima Bennoune, rapporteur sp\u00e9cial des Nations unies sur les droits culturels, a d\u00e9clar\u00e9 que \"les b\u00e2timents historiques ont \u00e9t\u00e9 irr\u00e9m\u00e9diablement br\u00fbl\u00e9s et endommag\u00e9s par l'utilisation de diverses armes par les militaires, obligeant les r\u00e9sidents \u00e0 quitter leurs maisons et leur quartier, fuyant pour sauver leur vie<\/em>\"[46]<\/sup><\/a>.<\/p>\n\n\n\n

Le conseil a d\u00e9cid\u00e9 que certains des r\u00e9sidents pourraient peut-\u00eatre rester s'ils \u00e9taient recycl\u00e9s pour avoir les comp\u00e9tences appropri\u00e9es \u00e0 Neom. Les personnes concern\u00e9es recevront des compensations et des avantages, ainsi que de \"nouvelles propri\u00e9t\u00e9s\" dans le royaume[47]<\/sup><\/a>, y compris un programme de bourses pour \"acqu\u00e9rir les comp\u00e9tences n\u00e9cessaires pour faire partie de la vision de Neom<\/em>\", selon les d\u00e9clarations officielles[48]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Panneaux photovolta\u00efques dans le d\u00e9sert d'Huwaitat[49]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Pour le d\u00e9veloppement de Neom, le gouvernement saoudien a supprim\u00e9 deux villes et d\u00e9plac\u00e9 de force 20 000 membres de la tribu Huwaitat, sans compensation[50]<\/sup><\/a>. Un plan de relocalisation \u00e9tabli par le Boston Consulting Group pr\u00e9voyait une \u00e9ch\u00e9ance jusqu'en 2025. Press\u00e9 par Mohammed Bin Salman de faire vite, la date a \u00e9t\u00e9 avanc\u00e9e \u00e0 2022. Les habitants disent qu'ils n'ont entendu que des rumeurs. Certains disent que le d\u00e9m\u00e9nagement serait d\u00e9vastateur. \"Vous d\u00e9membrez une soci\u00e9t\u00e9 enti\u00e8re. Pour nous, c'est comme mourir<\/em>\", a d\u00e9clar\u00e9 l'un d'entre eux[51]<\/sup><\/a>.<\/p>\n\n\n\n

En avril 2020, un fonctionnaire du minist\u00e8re des Finances[52]<\/sup><\/a> a refus\u00e9 d'\u00eatre expuls\u00e9 de sa maison \u00e0 Tabuk et a commenc\u00e9 \u00e0 poster des vid\u00e9os en ligne. Quelques jours plus tard, il a \u00e9t\u00e9 abattu par les forces de s\u00e9curit\u00e9 saoudiennes, comme il l'avait pr\u00e9dit dans l'une de ses vid\u00e9os[53]<\/sup><\/a>. Plusieurs autres membres de tribus b\u00e9douines, qui poss\u00e8dent g\u00e9n\u00e9ralement des armes, ont \u00e9t\u00e9 arr\u00eat\u00e9s pour avoir diffus\u00e9 des slogans contre le d\u00e9placement et pour avoir refus\u00e9 de signer des documents de relocalisation[54]<\/sup><\/a>.<\/p>\n\n\n\n

Une militante saoudienne des droits de l'homme, Alya Abutayah Alhwaiti, qui vit aujourd'hui \u00e0 Londres, affirme avoir re\u00e7u des menaces de mort par t\u00e9l\u00e9phone pour avoir sensibilis\u00e9 l'opinion internationale au sujet de la ville futuriste de Neom. Mme Alhwaiti a ajout\u00e9 qu'elle avait \u00e9t\u00e9 menac\u00e9e de subir \"le m\u00eame sort que Jamal Khashoggi<\/em>\"[55]<\/sup><\/a>.<\/p>\n\n\n\n

Comment les choses sont vraiment<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image satellite d'une place du projet Neom dans le d\u00e9sert (octobre 2020)[56]<\/sup><\/strong><\/sup><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le site web de Neom affirme que la premi\u00e8re phase du projet sera achev\u00e9e en 2025[57]<\/sup><\/a>. La r\u00e9alit\u00e9, pour l'instant, est plus modeste. Une image satellite montre actuellement qu'une seule place a \u00e9t\u00e9 construite dans le d\u00e9sert. En plus des rang\u00e9es de maisons, il y a deux piscines et un terrain de football. Ali Shihabi affirme que c'est le camp du personnel de Neom, mais nous ne sommes pas sur place pour le v\u00e9rifier[58]<\/sup><\/a>. La plus grande inqui\u00e9tude concerne la durabilit\u00e9 du projet: sera-t-elle vraiment \"la ville la plus autosuffisante du monde en mati\u00e8re d'alimentation\"? Le projet pr\u00e9voit l'utilisation de serres et la culture verticale, une id\u00e9e r\u00e9volutionnaire pour un pays dont seulement 1,5% de la superficie totale est class\u00e9e comme arable et qui importe actuellement plus de 80% de sa nourriture. Idem pour les \u00e9nergies renouvelables: le projet pr\u00e9voit que 50% de l'\u00e9lectricit\u00e9 proviendra de sources renouvelables d'ici 2030, mais en 2019, seulement 0,1% de l'\u00e9nergie a \u00e9t\u00e9 achet\u00e9e de mani\u00e8re propre[59]<\/sup><\/a>.<\/p>\n\n\n\n

Les critiques affirment que le projet s'adresse principalement aux riches. Des palais ont \u00e9t\u00e9 construits pour la famille royale, et des images satellites montrent un h\u00e9liport et un terrain de golf. Ali Shihabi affirme que la ville accueillera tout le monde, \"des travailleurs aux milliardaires<\/em>\", mais admet que ce n'est pas ainsi qu'elle est per\u00e7ue: \"le probl\u00e8me de Neom est qu'elle a \u00e9chou\u00e9 dans sa strat\u00e9gie de communication<\/em>\", dit-il. \"Les gens pensent que c'est juste un jouet pour les gens riches<\/em>\"[60]<\/sup><\/a>.<\/p>\n\n\n\n

Les entreprises \u00e9trang\u00e8res ont longtemps \u00e9vit\u00e9 d'investir dans le pays en raison d'un syst\u00e8me juridique opaque, impr\u00e9visible et fond\u00e9 sur la religion, de la corruption et des restrictions sociales qui interdisent l'alcool et exigent que les femmes aient la permission d'un parent masculin pour voyager. Le prince bin Salman a constat\u00e9 que ces structures \u00e9taient si bien ancr\u00e9es qu'il \u00e9tait plus facile de d\u00e9velopper une nouvelle ville avec de nouvelles lois que de modifier les lois existantes. En fait, dans la nouvelle ville, il est propos\u00e9 d'autoriser l'alcool et la t\u00eate nue des femmes, ce qui est une proposition surprenante pour l'Arabie saoudite conservatrice[61]<\/sup><\/a>.<\/p>\n\n\n\n

La construction de Neom n\u00e9cessite de l'argent que l'Arabie Saoudite n'a pas. Le pays a r\u00e9cemment connu un d\u00e9ficit budg\u00e9taire et MBS a mis\u00e9 sur un investissement de 45 milliards de dollars dans un fonds de Softbank Group Corp, une entreprise technologique japonaise[62]<\/sup><\/a>. L'argent pour Neom doit donc provenir de l'\u00e9tranger[63]<\/sup><\/a>. Il faut attirer les grandes entreprises occidentales. En 2017, le conseil d'administration de Neom a sugg\u00e9r\u00e9 de garantir \u00e0 Tesla Inc. des milliards d'achats annuels aupr\u00e8s du gouvernement en \u00e9change du transfert par Tesla de la production de voitures \u00e0 Neom - et de la vente d'une participation dans le royaume. En 2018, le fonds souverain d'Arabie saoudite a d\u00e9pens\u00e9 2 milliards de dollars pour acheter 5% de Tesla[64]<\/sup><\/a>. Le PDG Elon Musk a ensuite d\u00e9clar\u00e9 qu'il allait introduire Tesla en bourse avec l'aide de l'Arabie saoudite, mais il a fait marche arri\u00e8re et a affirm\u00e9 qu'il n'avait pas l'intention de le faire[65]<\/sup><\/a>.<\/p>\n\n\n\n

A ce jour, le projet a gagn\u00e9 quelques partenaires importants tels que : McLaren Racing (avec un nouveau programme de course \u00e9lectrique), Mercedes-EQ (\u00e9quipe de Formule E, un g\u00e9ant de l'industrie automobile avec des id\u00e9es d'innovations durables), AFC (Conf\u00e9d\u00e9ration asiatique de football) et OceanX (exploration de parties inaccessibles de l'oc\u00e9an, pour pr\u00e9server les \u00e9cosyst\u00e8mes de la mer Rouge)[66]<\/sup><\/a>. En bref, les investisseurs internationaux n'ont pas encore mordu \u00e0 l'hame\u00e7on. Le champ d'application du projet est vaste et la r\u00e9gion dispose d\u00e9j\u00e0 de centres commerciaux et de transport bien \u00e9tablis \u00e0 Duba\u00ef, \u00e0 Abu Dhabi et au Qatar. Neom est inextricablement li\u00e9 au prince h\u00e9ritier, qui, en tant que dirigeant de facto du royaume, s'est attir\u00e9 les foudres de la guerre saoudienne au Y\u00e9men et de ses liens pr\u00e9sum\u00e9s avec le meurtre du journaliste Jamal Khashoggi[67]<\/sup><\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ce qui a \u00e9t\u00e9 r\u00e9ellement construit \u00e0 ce jour: presque rien[68]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

\"Les investisseurs commenceront \u00e0 s'int\u00e9resser lorsque l'infrastructure de base sera op\u00e9rationnelle, afin qu'ils ne prennent pas le risque absolu du green-field<\/em>\", a d\u00e9clar\u00e9 une source financi\u00e8re famili\u00e8re du projet. En 2017, le PDG du groupe Softbank a d\u00e9clar\u00e9 que l'entreprise travaillerait avec l'Arabie saoudite pour d\u00e9velopper NEOM[69]<\/sup><\/a>. Le fonds souverain saoudien PIF a investi environ 45 milliards de dollars dans le fonds technologique japonais inaugural de Softbank, dot\u00e9 de 100 milliards de dollars[70]<\/sup><\/a>.<\/p>\n\n\n\n

La premi\u00e8re phase du projet, qui s'\u00e9tendra jusqu'en 2030, co\u00fbtera 1,2 billion de riyals, dont la moiti\u00e9 environ sera couverte par le Fonds d'investissement public (FIP). Les responsables chercheront \u00e0 lever 600 milliards de riyals suppl\u00e9mentaires aupr\u00e8s d'autres fonds souverains de la r\u00e9gion, d'investisseurs priv\u00e9s en Arabie saoudite et \u00e0 l'\u00e9tranger, ainsi que par une introduction en bourse de Neom sur le march\u00e9 saoudien[71]<\/sup><\/a>: \"Nous voulons faire entrer l'Arabie saoudite parmi les trois plus grands march\u00e9s boursiers de la plan\u00e8te<\/em>\", a d\u00e9clar\u00e9 le prince Mohammed, ajoutant qu'il s'attend \u00e0 ce que l'introduction en bourse de Neom ait lieu vers 2024[72]<\/sup><\/a> et qu'elle pourrait ajouter plus de 1 000 milliards de riyals \u00e0 la taille du march\u00e9 du royaume. Neom commencera \u00e0 contacter les principaux investisseurs potentiels d'ici la fin de l'ann\u00e9e. Les responsables discutent avec des entreprises \"de toute la plan\u00e8te\" et de nombreuses entreprises chinoises travaillent d\u00e9j\u00e0 sur Neom[73]<\/sup><\/a>.<\/p>\n\n\n\n

Malgr\u00e9 son programme Vision 2030, l'Arabie saoudite a promis d'augmenter sa production de p\u00e9trole quelques semaines seulement apr\u00e8s avoir pris des engagements \u00e9cologiques majeurs lors de la conf\u00e9rence sur le climat COP26 de cette ann\u00e9e (qui promettait des \u00e9missions nettes nulles d'ici 2060). Selon le ministre de l'\u00c9nergie, le prince Abdulaziz bin Salman, les Saoudiens ne cesseront pas de pomper: \"Nous serons toujours le dernier homme debout et chaque mol\u00e9cule d'hydrocarbure sortira<\/em>\"[74]<\/sup><\/a>.<\/p>\n\n\n\n

Tout \u00e7a, c'est du blabla. Le prince Bin Salman a beaucoup mis\u00e9, et pas seulement sur le plan financier. Si le projet devait avorter, il est difficile d'imaginer que son pouvoir sortirait intact d'une telle crise, notamment parce que les dettes de plusieurs milliards contract\u00e9es devront de toute fa\u00e7on \u00eatre rembours\u00e9es. Pour lui, il n'y a qu'une seule direction: aller de l'avant, peu importe le prix. Peu importe \u00e0 qui appartient la peau.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[2]<\/sup><\/a> Official web-site del progetto: https:\/\/www.neom.com\/en-us<\/a><\/p>\n\n\n\n

[3]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a><\/p>\n\n\n\n

[4]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-41740626<\/a><\/p>\n\n\n\n

[5]<\/sup><\/a> https:\/\/www.egypttoday.com\/Article\/1\/56096\/NEOM-A-new-channel-for-Egyptian-Saudi-cooperation<\/a><\/p>\n\n\n\n

[6]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[7]<\/sup><\/a> https:\/\/www.vision2030.gov.sa\/v2030\/v2030-projects\/neom\/<\/a> ; https:\/\/www.neom.com\/en-us\/about<\/a><\/p>\n\n\n\n

[8]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[9]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a><\/p>\n\n\n\n

[10]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1443891\/saudi-arabia<\/a><\/p>\n\n\n\n

[11]<\/sup><\/a> https:\/\/cognitive.neom.com\/insight\/neom-tech-and-digital-co-unveils-xvrs.html<\/a><\/p>\n\n\n\n

[12]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[13]<\/sup><\/a> https:\/\/www.arabnews.com\/node\/1349021\/saudi-arabia<\/a><\/p>\n\n\n\n

[14]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[15]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-announces-theline-designs<\/a> ; https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[16]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[17]<\/sup><\/a> https:\/\/alishihabi.com\/bio\/<\/a><\/p>\n\n\n\n

[18]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[19]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[20]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/theline<\/a><\/p>\n\n\n\n

[21]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[22]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[23]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[24]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a><\/p>\n\n\n\n

[25]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[26]<\/sup><\/a> https:\/\/lindro.it\/canale-di-suez-ever-given-il-peggior-scenario-del-commercio-mondiale\/<\/a><\/p>\n\n\n\n

[27]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[28]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/about\/<\/a><\/p>\n\n\n\n

[29]<\/sup><\/a> https:\/\/innovation.kaust.edu.sa\/neom-and-kaust-to-create-worlds-largest-coral-garden\/<\/a><\/p>\n\n\n\n

[30]<\/sup><\/a> https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market<\/a><\/p>\n\n\n\n

[31]<\/sup><\/a> https:\/\/www.prnewswire.com\/news-releases\/neom-agrees-to-1b-giga-factory-with-gulf-development-international-ltd-301305522.html<\/a><\/p>\n\n\n\n

[32]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a><\/p>\n\n\n\n

[33]<\/sup><\/a> https:\/\/italianbusinessgroup.net\/it\/neom-il-giga-progetto-saudita\/<\/a><\/p>\n\n\n\n

[34]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-oxagon<\/a><\/p>\n\n\n\n

[35]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/oxagon<\/a> <\/p>\n\n\n\n

[36]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[37]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[38]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[39]<\/sup><\/a> Official web-site: https:\/\/www.neom.com\/en-us\/regions\/trojena<\/a><\/p>\n\n\n\n

[40]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/newsroom\/hrh-prince-announces-trojena<\/a><\/p>\n\n\n\n

[41]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a> ; https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[42]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[43]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[44]<\/sup><\/a> https:\/\/www.datacenterdynamics.com\/en\/news\/neom-forms-joint-venture-with-fas-energy-to-develop-data-centers-in-saudi-arabia\/<\/a> ; https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[45]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[46]<\/sup><\/a> https:\/\/www.theguardian.com\/global-development\/2020\/may\/04\/its-being-built-on-our-blood-the-true-cost-of-saudi-arabia-5bn-mega-city-neom<\/a><\/p>\n\n\n\n

[47]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[48]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.moderntreatise.com\/international\/tag\/Huwaitat+tribe<\/a><\/p>\n\n\n\n

[50]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[51]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[52]<\/sup><\/a> https:\/\/menarights.org\/en\/caseprofile\/abdul-rahim-al-huwaiti-executed-saudi-special-forces-protesting-forced-eviction<\/a><\/p>\n\n\n\n

[53]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[54]<\/sup><\/a> https:\/\/www.agcnews.eu\/arabia-saudita-nuovo-problema-per-neom-la-tribu-huwaitat\/<\/a><\/p>\n\n\n\n

[55]<\/sup><\/a> https:\/\/www.bbc.com\/news\/world-middle-east-52375343<\/a><\/p>\n\n\n\n

[56]<\/sup><\/a> https:\/\/earth.google.com\/web\/@0,0,0a,22251752.77375655d,35y,0h,0t,0r<\/a><\/p>\n\n\n\n

[57]<\/sup><\/a> https:\/\/web.archive.org\/web\/20171117200358\/http:\/\/discoverneom.com\/content\/pdfs\/NEOM_FAQS_ENGLISH.pdf<\/a><\/p>\n\n\n\n

[58]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[59]<\/sup><\/a> https:\/\/bestfoodimporters.com\/food-importers-and-food-import-trends-in-saudi-arabia-2020\/#<\/a><\/p>\n\n\n\n

[60]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[61]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[62]<\/sup><\/a> https:\/\/edition.cnn.com\/2018\/10\/15\/tech\/softbank-stock-saudi-arabia\/index.html<\/a><\/p>\n\n\n\n

[63]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[64]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n\n\n\n

[65]<\/sup><\/a> https:\/\/www.wsj.com\/articles\/a-princes-500-billion-desert-dream-flying-cars-robot-dinosaurs-and-a-giant-artificial-moon-11564097568<\/a><\/p>\n\n\n\n

[66]<\/sup><\/a> https:\/\/www.neom.com\/en-us\/partners<\/a><\/p>\n\n\n\n

[67]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[68]<\/a> https:\/\/www.artstation.com\/marketplace\/p\/PWyOa\/saudi-arabia-topography-n25e36-neom<\/a><\/p>\n\n\n\n

[69]<\/sup><\/a> https:\/\/www.reuters.com\/article\/us-saudi-neom-idUSKBN2AW1HY<\/a><\/p>\n\n\n\n

[70]<\/sup><\/a> https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/06\/PIF-s-partnership-with-SoftBank<\/a> ; https:\/\/agsiw.org\/public-investment-fund-grows-bets-big-on-tech\/<\/a><\/p>\n\n\n\n

[71]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[72]<\/sup><\/a> https:\/\/www.fastcompanyme.com\/news\/saudi-arabia-unveils-plans-for-neom-listing-by-2024-aims-to-be-among-the-top-three-global-stock-markets\/<\/a><\/p>\n\n\n\n

[73]<\/sup><\/a> https:\/\/www.business-standard.com\/article\/international\/saudi-prince-plans-80-billion-fund-ipo-for-zero-carbon-city-neom-122072601429_1.html<\/a><\/p>\n\n\n\n

[74]<\/sup><\/a> https:\/\/www.bbc.com\/news\/blogs-trending-59601335<\/a><\/p>\n","post_title":"Le r\u00eave saoudien d'une ville dans le d\u00e9sert","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-reve-saoudien-dune-ville-dans-le-desert","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:02","post_modified_gmt":"2025-02-02 08:35:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6146,"post_author":"7","post_date":"2022-05-06 21:57:30","post_date_gmt":"2022-05-06 21:57:30","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/strong><\/p>\n\n\n\n

Les rumeurs circulaient d\u00e9j\u00e0 \u00e0 l'automne 2021[1]<\/a>, mais ces jours-ci, la nouvelle est devenue officielle : l'AC Milan a chang\u00e9 de propri\u00e9taire, et est pass\u00e9 entre les mains d'Investcorp, la soci\u00e9t\u00e9 de gestion d'investissements bahre\u00efnie[2]<\/a>. Apr\u00e8s la longue \u00e9pop\u00e9e Berlusconi[3]<\/a>, apr\u00e8s la parenth\u00e8se chinoise de la faillite de Yonghong Li (qui a pay\u00e9 plus de 700 millions d'euros et les a presque tous perdus)[4]<\/a>, qui s'est termin\u00e9e par le rachat par le fonds am\u00e9ricain Elliott, un nouveau chapitre commence maintenant. Elliott a restaur\u00e9 le Milan AC, mais il n'a jamais voulu le garder : il en a h\u00e9rit\u00e9 des Chinois, qui n'avaient pas pay\u00e9 les 370 millions d'euros de dette au fonds am\u00e9ricain[5]<\/a>. Et tandis qu'Elliott et Investcorp travaillent \u00e0 la cl\u00f4ture du contrat, Li entame une action en justice pour obtenir une compensation d'environ 320 millions d'euros[6]<\/a>.<\/p>\n\n\n\n

Pas de surprise. L'objectif d'Eliott Management, comme celui de n'importe quel fonds sp\u00e9culatif, est d'augmenter la valeur d'un actif pour ensuite le revendre \u00e0 un prix plus \u00e9lev\u00e9 : \"Elliott s'engage pleinement \u00e0 ramener l'AC Milan au sommet du football europ\u00e9en, en s'appuyant sur les principes de stabilit\u00e9 financi\u00e8re et de supervision appropri\u00e9e, d\u00e9j\u00e0 fermement en place. Elliott a financ\u00e9 la relance de l'AC Milan ces derni\u00e8res ann\u00e9es, avec plus de 600 millions d'euros investis dans le club<\/em>\"[7]<\/a>. Une d\u00e9claration qui correspond \u00e0 la v\u00e9rit\u00e9. Elliott a redress\u00e9 le bilan, am\u00e9lior\u00e9 l'\u00e9quipe, est en train de construire un nouveau stade et, en moins de quatre ans, a fait rena\u00eetre de ses cendres un club de grande tradition et l'a ramen\u00e9 au rang de r\u00e9alit\u00e9 du football italien et international[8]<\/a>.<\/p>\n\n\n\n

L'heure est venue d'un nouveau changement de propri\u00e9taire[9]<\/sup><\/a>: l'AC Milan sera le premier club de football italien \u00e0 \u00eatre d\u00e9tenu par un joueur du Moyen-Orient. Il n'y a pas de choc culturel : neuf des vingt plus importants clubs italiens sont d\u00e9j\u00e0 aux mains d'\u00e9trangers[10]<\/sup><\/a>, et le fonds bahre\u00efni propose une somme faramineuse: 1,18 milliard de dollars[11]<\/a> pour une participation majoritaire, laissant ainsi Elliott dans l'actionnariat avec les partenaires qui l'ont soutenu dans l'op\u00e9ration jusqu'\u00e0 pr\u00e9sent: Bank of America, Merril Lynch et JP Morgan[12]<\/sup><\/a>. Avec l'argent obtenu de la vente de Milan[13]<\/a>, Elliott envisage la possibilit\u00e9 de se lancer dans le secteur du tourisme, en achetant la soci\u00e9t\u00e9 californienne Mondee[14]<\/a>.<\/p>\n\n\n\n

Qui se cache derri\u00e8re Investcorp ?<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Paul Singer, fondateur et PDG d'Elliott Management Corporation[15]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Le nouveau propri\u00e9taire de l'AC Milan, Investcorp Holdings BSC de Manama (Bahre\u00efn), a \u00e9t\u00e9 fond\u00e9 par Nemir A. Kirdar (Irakien, l'un des plus importants investisseurs en capital-investissement du Moyen-Orient, d\u00e9c\u00e9d\u00e9 en juin 2020 \u00e0 l'\u00e2ge de 83 ans[16]<\/a>) et est dirig\u00e9 depuis 2015 par Mohammed Mahfoodh Alardhi[17]<\/a>, mar\u00e9chal adjoint retrait\u00e9 de l'arm\u00e9e de l'air d'Oman[18]<\/sup><\/a>. L'entreprise est pr\u00e9sente dans 13 villes, dont New York, Los Angeles, Londres, Singapour, Delhi, P\u00e9kin, Doha, Mumbai et Abu Dhabi[19]<\/a>.<\/p>\n\n\n\n

Fond\u00e9e il y a 40 ans pour permettre aux familles les plus riches du Golfe Persique d'investir aux \u00c9tats-Unis et en Europe, Investcorp a d\u00e9pens\u00e9 beaucoup d'argent pour acqu\u00e9rir des superstars occidentales telles que Tiffany's, Gucci et Saks[20]<\/a>. Mais qui sont ces magnats ? Il est tr\u00e8s difficile de le dire, car Investcorp dissimule ses actionnaires dans un r\u00e9seau de soci\u00e9t\u00e9s contr\u00f4l\u00e9es par une holding situ\u00e9e dans les \u00eeles Ca\u00efmans, \u00e0 l'abri des regards indiscrets de ceux qui exigent la transparence des march\u00e9s financiers[21]<\/a>. Le conseil d'administration comprend des repr\u00e9sentants des familles royales d'Arabie saoudite, des \u00c9mirats, du Kowe\u00eft, d'Oman et du Qatar[22]<\/a>. Une chose est s\u00fbre : en mars 2017, le principal actionnaire d'Investcorp (20%)[23]<\/a>, est le groupe Mubadala d'Abu Dhabi[24]<\/sup><\/a>.<\/p>\n\n\n\n

Mubadala a \u00e9t\u00e9 fond\u00e9e en 2002 et, petit \u00e0 petit, elle est devenue l'une des industries les plus importantes de tout le Golfe Persique[25]<\/a>. Elle est dirig\u00e9e par l'homme fort du gouvernement des \u00c9mirats arabes unis, Mohammed biz Zayed Al-Nahyan[26]<\/a>, qui occupe le poste de ministre de la d\u00e9fense d'Abu Dhabi et de chef d'\u00e9tat-major de l'arm\u00e9e de l'air des \u00c9mirats[27]<\/a>, et contr\u00f4le \u00e9galement EDGE Group et ADNOC (Abu Dhabi National Oil Company): en bref, il est le propri\u00e9taire de la plus grande industrie militaire arabe et de l'une des plus importantes compagnies p\u00e9troli\u00e8res[28]<\/a>. C'est l'homme qui g\u00e8re les relations diplomatiques confidentielles[29]<\/a>, coordonne la police secr\u00e8te et diverses organisations mercenaires, dirige la strat\u00e9gie des entreprises de cyberguerre, est le plus grand courtier en armes du monde et est l'un des principaux sponsors de Donald Trump et des supr\u00e9macistes am\u00e9ricains d'extr\u00eame droite[30]<\/a>. Et c'est un choc, surtout pour ceux qui, les anciens d'aujourd'hui, se souviennent avoir critiqu\u00e9 Silvio Berlusconi parce qu'il \u00e9tait soup\u00e7onn\u00e9 de corruption ...<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Missile intercontinental construit et vendu par le groupe EDGE[31]<\/strong><\/a><\/sub><\/strong><\/p>\n\n\n\n

Bin Zayed a r\u00e9uni sous l'\u00e9gide de Mubadala toutes les industries immobili\u00e8res, militaires, high-tech, chimiques et a\u00e9rospatiales de son pays[32]<\/a>, et pr\u00e9pare le lancement du deuxi\u00e8me satellite des \u00c9mirats arabes unis, qui sera dans l'espace d'ici 2023[33]<\/a>. Afin d'accro\u00eetre son influence politique, Mohammed Bin Zayed, avec le groupe EDGE[34]<\/a>, a investi un milliard d'euros dans le fonds d'investissement public fran\u00e7ais LAC1, qui d\u00e9tient la dette publique de ce pays[35]<\/a>. Dans d'autres pays, comme l'Italie, il tisse des relations politiques en offrant des honoraires \u00e9tonnants aux parlementaires qui se rendent \u00e0 Abu Dhabi et prennent la parole lors de conf\u00e9rences internationales - comme Matteo Renzi[36]<\/a>. Et il leur vend des armes \u00e0 tous, avec succ\u00e8s, comme l'explique son fid\u00e8le collaborateur Faisal Al-Bannai, qui, en deux ans seulement, a port\u00e9 le chiffre d'affaires de l'arm\u00e9e \u00e0 5 milliards de dollars par an et affirme qu'une \"augmentation spectaculaire<\/em>\" du chiffre d'affaires est attendue[37]<\/a>.<\/p>\n\n\n\n

Al-Bannai a ses propres syst\u00e8mes. Elle a achet\u00e9 aux services secrets am\u00e9ricains (NSA) l'un des syst\u00e8mes de piratage les plus avanc\u00e9s au monde, DarkMatter, qui est utilis\u00e9 pour espionner, surveiller, suivre, intercepter des opposants politiques, des dirigeants politiques d'autres nations, des journalistes, des artistes, n'importe qui[38]<\/a>. Les membres de l'\u00e9quipe, presque tous d'anciens agents des services de renseignement am\u00e9ricains, ont d\u00e9missionn\u00e9 au bout de quelques mois, effray\u00e9s par ce que le groupe EDGE et Mubadala faisaient avec le logiciel[39]<\/a>: \"Ils ont utilis\u00e9 un outil de pointe appel\u00e9 Karma, qui leur a permis de s'introduire dans les iPhones du monde entier gr\u00e2ce \u00e0 une faille de s\u00e9curit\u00e9 pour voler des courriels, des localisations, des messages texte et des photos. Le karma a rendu tout \u00e7a trop facile. Leur cible n'a m\u00eame pas eu besoin de cliquer sur un lien ou de t\u00e9l\u00e9charger un virus. En 2016 et 2017, il serait utilis\u00e9 encore et encore sur des centaines de cibles dans le monde, y compris les gouvernements du Qatar, du Y\u00e9men, de l'Iran et de la Turquie<\/em>\"[40]<\/a>. Et le principal client de l'entreprise - pouvez-vous deviner de qui il s'agit ? C'est exact, c'est le gouvernement des \u00c9mirats arabes unis[41]<\/a>.<\/p>\n\n\n\n

Mais cela ne suffit pas: malgr\u00e9 les r\u00e9cits des premi\u00e8res victimes innocentes de DarkMatter rendus publics[42]<\/a>, Investcorp rach\u00e8te en avril 2020 la soci\u00e9t\u00e9 allemande Avira Holding - un nom que vous connaissez peut-\u00eatre, car il s'agit de l'un des syst\u00e8mes antivirus les plus populaires vendus parall\u00e8lement aux ordinateurs et aux \"appareils mobiles\" en Europe[43]<\/a> - pour 180 millions de dollars[44]<\/a>. La presse r\u00e9agit avec inqui\u00e9tude[45]<\/a>. En d\u00e9cembre 2020, Avira est vendu \u00e0 NortonLifeLock pour 360 millions de dollars[46]<\/a>. Ce n'est pas le seul achat d'Investcorp dans le monde de la haute technologie: son portefeuille comprend d\u00e9j\u00e0 : a) SmartSpace, la plate-forme de solutions de localisation en temps r\u00e9el et de logiciels d'entreprise d'Ubisense ; b) Softgarden, un fournisseur de logiciels de ressources humaines ; c) Calligo, une soci\u00e9t\u00e9 de solutions en nuage ; d) Ageras, une place de march\u00e9 en ligne qui met en relation les petites et moyennes industries avec des fournisseurs de services professionnels ; e) Impero, un fournisseur de s\u00e9curit\u00e9 scolaire en ligne ; f) Contentserv, un fournisseur de solutions de gestion des informations sur les produits[47]<\/a>.<\/p>\n\n\n\n

Pourquoi le sport maintenant, et pourquoi Milan ? Investcorp n'est pas un fonds souverain national et veut concurrencer les cheiks qui ont d\u00e9j\u00e0 leurs propres clubs (la famille Al Nahyan, par exemple, poss\u00e8de d\u00e9j\u00e0 Manchester City[48]<\/a>), car le sport g\u00e9n\u00e8re de la notori\u00e9t\u00e9, ouvre la porte \u00e0 la politique et contourne les limites des tensions g\u00e9opolitiques et diplomatiques[49]<\/a>. En septembre dernier, dans une interview accord\u00e9e \u00e0 Bloomberg, le pr\u00e9sident Mohammed Alardhi a expliqu\u00e9 que l'objectif du fonds est de g\u00e9rer 100 milliards de dollars d'actifs (il y en a actuellement 41,2 en portefeuille), non seulement dans les domaines immobilier et militaire, mais aussi par des acquisitions dans le secteur sportif[50]<\/a>. Par exemple, il y a un peu moins de deux ans, Investcorp a achet\u00e9 20% du Paris FC, qui se trouve actuellement en deuxi\u00e8me division.<\/p>\n\n\n\n

Depuis 1996, Investcorp a acquis quelque 925 propri\u00e9t\u00e9s en Europe, aux \u00c9tats-Unis et en Inde, pour une valeur totale de plus de 21 milliards de dollars[51]<\/a>. Depuis le lancement de ses activit\u00e9s immobili\u00e8res europ\u00e9ennes en 2017, Investcorp a investi environ 1,1 milliard d'euros dans 80 propri\u00e9t\u00e9s au Royaume-Uni, en Allemagne, aux Pays-Bas, en Italie et en Belgique[52]<\/a>. Au 30 juin 2021, Investcorp g\u00e9rait 7,5 milliards de dollars d'actifs immobiliers[53]<\/a>. En octobre 2021, Investcorp a achet\u00e9 pour 70 millions d'euros le si\u00e8ge milanais de Kering (18 000 m\u00e8tres carr\u00e9s), la multinationale du luxe qui poss\u00e8de Gucci, Yves Saint Laurent et Bottega Veneta[54]<\/a>. \u00c0 Rome, pour 128 millions d'euros, elle a mis la main sur un complexe immobilier (32 200 m\u00e8tres carr\u00e9s et 174 places de parking) situ\u00e9 Via Paolo di Dono 44 - les bureaux du FIDA, l'agence des Nations unies qui lutte contre la faim dans les pays en d\u00e9veloppement[55]<\/a>. La liste des actifs italiens se poursuit : a) Cloudcare (ventes num\u00e9riques)[56]<\/a>; b) Corneliani (51%), une marque de mode masculine de luxe[57]<\/a>; c) Vivaticket (logiciel de billetterie int\u00e9gr\u00e9e)[58]<\/a>; d) HWG Srl, une soci\u00e9t\u00e9 bas\u00e9e \u00e0 V\u00e9rone dans le secteur de la cybers\u00e9curit\u00e9[59]<\/a>.<\/p>\n\n\n\n

Retour \u00e0 Milan<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bien s\u00fbr, les fans ne se soucient pas de tout cela. O\u00f9 qu'ils soient dans le monde, il suffit \u00e0 l'\u00e9quipe de gagner - comme on peut le voir dans d'autres ligues de football, notamment dans la ligue anglaise, o\u00f9 la pr\u00e9sence de propri\u00e9taires \"g\u00eanants\" a transform\u00e9 la Premier League en une ligue d'excellence mondiale. Le championnat italien, sans les magnats \u00e9trangers, serait dans une situation encore plus pr\u00e9caire qu'aujourd'hui - \u00e9tant donn\u00e9 que nous n'avons pas gagn\u00e9 la Ligue des champions depuis plus de dix ans, et que pour trouver une victoire italienne en Europa League, il faut remonter \u00e0 la Coupe de l'UEFA 1998.<\/p>\n\n\n\n

Il n'est pas n\u00e9cessaire de jouer les moralistes. Mais il faut \u00eatre prudent, car faire entrer dans la maison un locataire qui, par m\u00e9tier, vend des armes et des instruments de contr\u00f4le de la vie priv\u00e9e des individus, et g\u00e8re des escadrons de la mort compos\u00e9s de mercenaires et d'ex-terroristes, peut avoir des r\u00e9percussions \u00e0 long terme - comme le montre le fait qu'aujourd'hui l'Allemagne ne peut pas s'opposer \u00e0 la Russie de Poutine, car Gazprom a achet\u00e9 non seulement une \u00e9quipe de football (le Schalke 04), mais aussi des participations industrielles, financi\u00e8res et immobili\u00e8res valant des milliards d'euros. Et \u00e0 sa t\u00eate se trouve un ancien chancelier social-d\u00e9mocrate, Gerhard Schr\u00f6der, qui est maintenant devenu une figure tr\u00e8s importante. Plus important que Renzi, l'ami des Al Nahyan, le sera \u00e0 l'avenir, mais dans certaines mati\u00e8res la prudence n'est jamais de trop.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> https:\/\/www.acmilaninfo.com\/rossoneri-ceo-confirms-elliott-will-sell-ac-milan\/<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.investcorp.com\/who-we-are\/history\/<\/a> ; https:\/\/www.investcorp.com\/who-we-are\/<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.guerinsportivo.it\/news\/calcio\/2021\/09\/29-4755774\/il_milan_di_berlusconi<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/11\/quanti-soldi-ha-perso-yonghong-li-con-il-milan\/<\/a><\/p>\n\n\n\n

[5]<\/a> https:\/\/www.dailymilan.it\/milan-cinese\/<\/a> ; https:\/\/www.calcioefinanza.it\/2018\/07\/10\/milan-inizia-l-era-elliott-yonghong-li-prova-ridurre-le-perdite\/<\/a><\/p>\n\n\n\n

[6]<\/a> https:\/\/www.corrieredellosport.it\/news\/calcio\/serie-a\/milan\/2022\/04\/28-92266799\/_milan_riecco_yonghong_li_causa_milionaria_al_fondo_elliott_<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/www.calcioefinanza.it\/2020\/11\/17\/elliott-proprietario-milan-report-comunicato\/<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.milanlive.it\/2022\/02\/14\/milan-la-lezione-di-elliott-la-gazzetta-spiega-il-successo-rossonero\/<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.rainews.it\/articoli\/2022\/04\/entro-venerdi-la-vendita-del-milan-al-fondo-del-bahrain-investcorp-3ba2a91f-3024-42a3-85ad-cff269be1445.html<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/www.vocidicitta.it\/voci-di-sport\/il-milan-e-di-investcorp-obiettivi-e-strategie-del-fondo-del-bahrain\/<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/milan-in-vendita-trattativa-con-investcorp-fondo-elliott-potrebbe-rimanere-con-una-quota-di-minoranz_sto8892860\/story.shtml<\/a> ; https:\/\/www.calcioefinanza.it\/2022\/04\/26\/milan-data-cessione-investcorp\/<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/www.calcioefinanza.it\/2022\/01\/17\/elliott-ricavi-guadagni-2021-miliardi\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.calcioefinanza.it\/2022\/04\/24\/elliott-investimento-mondee-spac\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.fnlondon.com\/articles\/investcorp-founder-nemir-kirdar-passes-away-at-83-20200609<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.investcorp.com\/people\/mohammed-alardhi\/<\/a><\/p>\n\n\n\n

[18]<\/a> Corporate Governance Report, fiscal year 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a> , p.2<\/p>\n\n\n\n

[19]<\/a> https:\/\/www.investcorp.com\/contact-us\/<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.forbes.com\/global\/2003\/0331\/026.html?sh=3667e9391e3e<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.investcorp.com\/governance\/<\/a><\/p>\n\n\n\n

[22]<\/a> Corporate Governance Report, 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_2021_Corporate-Governace-Report.pdf<\/a><\/p>\n\n\n\n

[23]<\/a> Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p-84<\/p>\n\n\n\n

[24]<\/a> https:\/\/www.mubadala.com\/en\/news\/investcorp-strengthens-shareholder-base-agreed-investment-mubadala-development-company<\/a> ; https:\/\/www.reuters.com\/article\/investcorp-bank-mubadala\/uaes-mubadala-completes-deal-to-take-20-pct-stake-in-investcorps-parent-idUSL5N1GP049<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/ibiworld.eu\/2022\/03\/28\/emirati-il-grande-paradiso-dei-criminali\/<\/a> ; https:\/\/www.middleeasteye.net\/news\/uae-leader-returns-after-lengthy-unexplained-absence<\/a> ; https:\/\/www.nytimes.com\/2019\/06\/02\/world\/middleeast\/crown-prince-mohammed-bin-zayed.html?module=inline<\/a><\/p>\n\n\n\n

[27]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/board-of-directors\/his-highness-sheikh-mohamed-bin-zayed-al-nahyan<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/gulfbusiness.com\/uaes-adnoc-appoints-new-managing-director-restructures-to-form-executive-board-of-directors\/<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/ibiworld.eu\/wp-content\/uploads\/2020\/09\/Le-Lobby-Anti-Qatar-1.pdf<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/edgegroup.ae\/<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/corporate-structure<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.mubadala.com\/en\/who-we-are\/our-history<\/a> ; https:\/\/www.wam.ae\/en\/details\/1395303041684<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.agefi.fr\/financements-marches\/actualites\/quotidien\/20200224\/fonds-d-abu-dhabi-investit-milliard-d-euros-dans-293982<\/a> ; https:\/\/www.arabianbusiness.com\/banking-finance\/441096-uaes-mubadala-commits-to-invest-in-10bn-euro-french-fund<\/a> ; https:\/\/www.reuters.com\/article\/mubadala-france-investment-idUSL8N1NF5SS<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/www.youtube.com\/watch?v=t0PVs5tY4no<\/a> ; http:\/\/wam.ae\/en\/details\/1395300001690<\/a> ; https:\/\/www.thenationalnews.com\/uae\/government\/sheikh-mohammed-bin-zayed-meets-italian-pm-1.57337<\/a> ; https:\/\/www.linkedin.com\/pulse\/hh-sheikh-mohamed-bin-zayed-al-nahyan-pm-matteo-renzi-umberto-trulli\/<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.edrmagazine.eu\/edge-ceo-looking-at-expanding-opportunities-and-increasing-turnover<\/a> ; https:\/\/www.arabianaerospace.aero\/leading-edge.html<\/a><\/p>\n\n\n\n

[38]<\/a> https:\/\/emiratesleaks.com\/emirates-state-espionage-reality-enshrined-series-facts-scandals\/?lang=en<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.reuters.com\/article\/us-usa-spying-raven-specialreport\/special-report-inside-the-uaes-secret-hacking-team-of-u-s-mercenaries-idUSKCN1PO19O<\/a> ; https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[40]<\/a> \u201cThey used a cutting-edge tool called Karma, letting them break into iPhones around the world through a security flaw to steal emails, locations, text messages and photographs, said five former employees. Karma made it all too easy. Their target didn\u2019t even need to click on any link or download a virus. In 2016 and 2017 it would be used again and again on hundreds of targets across the world, including the governments of Qatar, Yemen, Iran and Turkey<\/em>\u201d, see more: https:\/\/www.trtworld.com\/magazine\/the-uae-s-covert-web-of-spies-hackers-and-mercenary-death-squads-23805<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.timesaerospace.aero\/features\/defence\/leading-edge<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.nortonlifelock.com\/us\/en\/corporate-profile\/<\/a> ; https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; DALLA FANTASCIENZA ALL\u2019INCUBO: LO SPYWARE DI REGIME PER IL CONTROLLO TOTALE | IBI World Italia<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/ibiworld.eu\/2020\/07\/21\/il-gigante-tra-gli-hacker-militari-compra-avira\/<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-the-sale-of-leading-cybersecurity-provider-avira-to-nortonlifelock-for-us-360-million\/<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.arabianbusiness.com\/industries\/technology\/444852-baharins-investcorp-acquires-german-cybersecurity-company-firm-avira<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-germanys-leading-cybersecurity-company-avira\/<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/ibiworld.eu\/2021\/05\/30\/quando-la-champions-league-la-perde-abu-dhabi\/<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.eurosport.it\/calcio\/serie-a\/2021-2022\/perche-investcorp-e-il-bahrain-ha-deciso-di-puntare-sul-milan-le-domande-sulla-trattativa-del-moment_sto8896302\/story.shtml<\/a><\/p>\n\n\n\n

[51]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[52]<\/a> https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[53]<\/a> Investcorp Annual Report 2021: https:\/\/www.investcorp.com\/wp-content\/uploads\/2021\/09\/Investcorp_Annual-Report-2021.pdf<\/a> p. 6<\/p>\n\n\n\n

[54]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-attraverso-un-fondo-gestito-da-castello-sgr-si-compra-la-sede-di-kering-a-milano-per-70-mln-euro\/<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/bebeez.it\/real-estate-2\/investcorp-compra-gli-uffici-romani-dellifad-da-prelios-il-deal-da-128-mln-di-euro-porta-a-11-mld-euro-il-portafoglio-immobiliare-europeo\/<\/a> ; https:\/\/realassets.ipe.com\/news\/investcorp-acquires-fully-let-office-building-in-rome-for-128m\/10058738.article<\/a><\/p>\n\n\n\n

[56]<\/a> https:\/\/bebeez.it\/wp-content\/uploads\/2021\/06\/Investcorp-acquisisce-CloudCare-1.pdf<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/it.fashionnetwork.com\/news\/A-investcorp-il-51-di-corneliani-in-arrivo-nuovo-ceo,705765.html<\/a> ; https:\/\/bebeez.it\/crisi-rilanci\/investcorp-e-il-mise-si-aggiudicano-in-asta-il-ramo-dazienda-di-corneliani-per-oltre-172-mln-euro-appuntamento-con-i-creditori-a-marzo-2022\/<\/a><\/p>\n\n\n\n

[58]<\/a> https:\/\/www.investcorp.com\/investcorp-announces-acquisition-of-vivaticket\/<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/blog.hwg.it\/investcorp-completa-lacquisizione-di-hwg<\/a> ; https:\/\/www.investcorp.com\/investcorp-acquires-italys-leading-cybersecurity-company-hwg\/<\/a><\/p>\n","post_title":"Le nouveau Milan des militaristes arabes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"le-nouveau-milan-des-militaristes-arabes","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:05","post_modified_gmt":"2025-02-02 08:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=6146","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5978,"post_author":"7","post_date":"2022-01-16 20:27:33","post_date_gmt":"2022-01-16 20:27:33","post_content":"\n

\u00a9 IBI World Limited<\/em><\/strong><\/p>\n\n\n\n

La r\u00e9volution industrielle a chang\u00e9 le monde. Ce changement a commenc\u00e9 en m\u00eame temps que l'exploitation intensive des mines, la naissance des usines et le d\u00e9veloppement des moteurs. La Belgique ne fait pas seulement partie de cette histoire : elle en est l'un des grands architectes, l'un des lieux o\u00f9 tout a commenc\u00e9. Et c'est aussi un lieu de trag\u00e9die, comme celle de Marcinelle en 1956, o\u00f9 262 travailleurs (dont 136 Italiens)[1]<\/a> sont morts dans l'incendie d'une mine de charbon. Son histoire est similaire \u00e0 celle de l'Allemagne, de la Pologne et de l'Italie : elle commence le 4 octobre 1830 lorsque, apr\u00e8s des ann\u00e9es de lutte du Risorgimento contre les monarchies impos\u00e9es par le Congr\u00e8s de Vienne, la Belgique d\u00e9clare son ind\u00e9pendance.<\/p>\n\n\n\n

Un petit pays est n\u00e9, divis\u00e9 int\u00e9rieurement entre Wallons francophones et Flamands n\u00e9erlandophones - l'h\u00e9ritage de longues ann\u00e9es de domination par d'autres. Mais c'\u00e9tait un \u00c9tat fort et riche : ses mines de charbon et de fer, les plus anciennes d'Europe, faisaient la fiert\u00e9 d'un peuple qui, en dix ans seulement, est devenu la deuxi\u00e8me puissance industrielle du monde apr\u00e8s le Royaume-Uni[2]<\/a>. L'\u00e9tape suivante a eu lieu en 1906 : l'annexion du Congo, et avec elle la fondation de l'UMHK (Union Mini\u00e8re du Haut-Katanga), l'une des plus anciennes multinationales mini\u00e8res de la plan\u00e8te, qui s'est d\u00e9velopp\u00e9e m\u00eame pendant les deux guerres mondiales - \u00e0 sa production d'origine, elle a ajout\u00e9 le cuivre, le cobalt, l'uranium, le zinc, les diamants, l'or et d'autres m\u00e9taux cl\u00e9s pour la production industrielle[3]<\/a>.<\/p>\n\n\n\n

Sa soci\u00e9t\u00e9 holding, la CCCI (Compagnie du Congo pour le Commerce et l'Industrie), a \u00e9t\u00e9 fond\u00e9e en 1887, lorsque des ing\u00e9nieurs de la Couronne ont d\u00e9couvert des gisements africains et ont demand\u00e9 une concession pour les exploiter[4]<\/a>. Cette histoire a dur\u00e9 jusqu'\u00e0 la nationalisation de l'UMHK, ordonn\u00e9e par le pr\u00e9sident Mobutu en 1966[5]<\/a>, lorsque le groupe congolais a fusionn\u00e9 avec les diff\u00e9rentes mines locales.  En 1989, Union Mini\u00e8re a fusionn\u00e9 ses filiales belges6<\/sup> pour devenir un groupe industriel multi-m\u00e9tallurgique mondial, l'un des g\u00e9ants de la m\u00e9tallurgie qui repr\u00e9sentait \u00e0 lui seul pr\u00e8s de 10 % du produit int\u00e9rieur brut de la Belgique. Union Mini\u00e8re a chang\u00e9 de nom pour devenir Umicore en 2001[6]<\/a>. En 2007, Umicore s'est s\u00e9par\u00e9e de son activit\u00e9 de raffinage de zinc et d'alliages et l'a fusionn\u00e9e avec le groupe australien Zinifex, cr\u00e9ant ainsi Nyrstar NV[7]<\/a> qui est devenu l'un des g\u00e9ants mondiaux du zinc[8]<\/a>.<\/p>\n\n\n\n

Nyrstar NV poss\u00e9dait des usines sur tous les continents et employait plus de 4000 personnes[9]<\/a>. Aujourd'hui, apr\u00e8s la restructuration orchestr\u00e9e par Trafigura, Nyrstar NV est une soci\u00e9t\u00e9 \u00e9cran qui ne poss\u00e8de que 2 % des actifs op\u00e9rationnels historiques ; seuls deux actionnaires d\u00e9tiennent plus de 3 % des actions[10]<\/a>: Urion Holdings (Malta) Ltd.[11]<\/a> (groupe Trafigura), qui contr\u00f4le 24,42%[12]<\/a>, et un groupe de petits actionnaires form\u00e9 autour de l'entrepreneur Kris Vansanten[13]<\/a> (dont l'homme politique chr\u00e9tien-d\u00e9mocrate Etienne Schouppe) qui, en d\u00e9cembre 2021, contr\u00f4le 15,09 % de Nyrstar[14]<\/a>. En 2018, Nyrstar \u00e9tait le deuxi\u00e8me plus grand fondeur de zinc au monde (1,073 million de tonnes), apr\u00e8s Korea Zinc (1,216 million de tonnes) et devant Glencore (1,003 million) [15]<\/a>.<\/p>\n\n\n\n

Les accords avec Glencore International<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mick Davis (\u00e0 gauche) et Ivan Glasenberg (\u00e0 droite), les directeurs de la fusion entre Xstrata et Glencore en 2012<\/sub><\/strong>[16]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Glencore International, l'un des g\u00e9ants mondiaux des mati\u00e8res premi\u00e8res, y voit une opportunit\u00e9 : en 2008, en \u00e9cartant Trafigura[17]<\/a>, il obtient un fabuleux contrat avec la fonderie Nyrstar de Hobart (Tasmanie), \u00e0 laquelle Glencore ach\u00e8te 550 000 tonnes de zinc raffin\u00e9[18]<\/a>. Glencore prend des mesures pour s\u00e9curiser la valeur de Nyrstar, en achetant 7,8 % de ses actions, et en 2011, renouvelle l'accord pour les sept ann\u00e9es suivantes, jusqu'en 2018[19]<\/a>. Lorsque les prix du zinc sur le march\u00e9 commencent \u00e0 chuter fin 2011, Glencore identifie une meilleure opportunit\u00e9 et d\u00e9cide de fusionner avec la soci\u00e9t\u00e9 mini\u00e8re Xstrata[20]<\/a>, qui a \u00e0 son tour sa propre production \u00e0 vendre[21]<\/a> et propulse Glencore en position de leader de l'extraction \u00e0 la fusion au niveau mondial.<\/p>\n\n\n\n

Afin d'autoriser la fusion entre les deux g\u00e9ants Glencore et Xstrata, l'agence de la concurrence de la Commission europ\u00e9enne exige que Glencore renonce \u00e0 son contrat europ\u00e9en avec Nyrstar, car il place la nouvelle multinationale dans une situation de monopole qui peut d\u00e9terminer les prix du zinc et, en outre, oblige Glencore \u00e0 vendre sa participation de 7,8 % dans Nyrstar[22]<\/a>,[23]<\/a><\/sup>. C'est un \u00e9norme sacrifice que Glencore accepte.<\/p>\n\n\n\n

La fusion entre Glencore et Xstrata cr\u00e9e un gros probl\u00e8me pour Nyrstar. En 2010, Nyrstar lance un projet d'expansion, financ\u00e9 par des pr\u00eats bancaires qui, \u00e0 leur tour, sont soutenus par le contrat avec Glencore. Lorsque le prix mondial du zinc m\u00e9tal a commenc\u00e9 \u00e0 baisser fortement, la direction belge a r\u00e9alis\u00e9 qu'\u00e0 moyen terme, elle ne serait pas en mesure de rembourser les obligations si les prix ne remontaient pas[24]<\/a>. Ce fait, combin\u00e9 \u00e0 l'achat d'actions par Glencore, met l'entreprise sous pression et oblige Nyrstar \u00e0 lancer une \u00e9mission de droits avec une \u00e9mission d'obligations et un rachat d'obligations en septembre 2014.<\/p>\n\n\n\n

\u00c0 peu pr\u00e8s au m\u00eame moment, Nyrstar fournit un financement important pour la modernisation de Talvivaara[25]<\/a>, une mine finlandaise produisant du concentr\u00e9 de zinc \u00e0 l'aide d'une nouvelle technologie, avec des risques de d\u00e9veloppement, en \u00e9change de droits d'\u00e9coulement futurs. La mine, situ\u00e9e pr\u00e8s d'Espoo, est en cours de modernisation, de sorte qu'en 2014, elle ne vendra que la moiti\u00e9 du concentr\u00e9 de zinc vendu en 2013[26]<\/a>. L'investissement n\u00e9cessaire pour adapter les processus existants co\u00fbte une fortune[27]<\/a>, mais il est n\u00e9cessaire parce que l'exploitant de la mine a \u00e9t\u00e9 mis en examen pour d'\u00e9normes probl\u00e8mes environnementaux : l'alternative est la fermeture compl\u00e8te du site[28]<\/a>. Cependant, en 2014, la mine a d\u00e9pos\u00e9 le bilan, laissant \u00e0 Nyrstar le soin de n\u00e9gocier le meilleur accord possible en \u00e9change de ses droits d'\u00e9coulement du zinc d'une valeur nominale de 203 millions d'euros au moment de la faillite[29]<\/a>.<\/p>\n\n\n\n

Heureusement, Hobart a \u00e9chapp\u00e9 \u00e0 la crise cr\u00e9\u00e9e par la fusion entre Glencore et Xstrata. En 2014, la nouvelle direction a sign\u00e9 un contrat avec le plus grand n\u00e9gociant d'Asie, le groupe hongkongais Noble (qui a repris en partie le contrat de Glencore[30]<\/a>) : outre l'achat de zinc (200 000 tonnes par an pendant quatre ans) [31]<\/a>, Noble a achet\u00e9 1 % des actions de Nyrstar pour 6,4 millions d'euros[32]<\/a>.<\/p>\n\n\n\n

L'infiltration furtive de Trafigura<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

3 septembre 2007 : Heinz Eigner (\u00e0 droite) rejoint Nyrstar, il deviendra CEO par int\u00e9rim apr\u00e8s le d\u00e9part de Roland Junck en d\u00e9cembre 2014<\/sub><\/strong>[33]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Cela ne suffit pas : pour couvrir le rachat d'actions par Glencore et la baisse des revenus, Nyrstar doit lever des fonds et faire entrer du sang neuf dans ses coffres. L'\u00e9mission de droits de septembre 2014 donne \u00e0 Trafigura l'opportunit\u00e9 dont elle avait besoin pour entrer dans Nyrstar. Une perte pour Glencore est un gain pour Trafigura, mais c'est souvent ainsi que les choses semblent fonctionner dans la \"querelle de famille\" qui oppose les ex-Rich Boys de Marc Rich, dont sont issues les deux entreprises[34]<\/a>.<\/p>\n\n\n\n

Trafigura a achet\u00e9 8,42 % \u00e0 la fin du mois de septembre 2014, principalement dans le cadre de l'\u00e9mission de droits de Nyrstar[35]<\/a>. D\u00e9but octobre 2014, Trafigura d\u00e9tenait 10,19% du groupe belge[36]<\/a> et \u00e0 la fin de la m\u00eame ann\u00e9e, Trafigura avait atteint 16,04% des actions[37]<\/a>. Le PDG Roland Junck, qui avait dirig\u00e9 le repositionnement de Nyrstar, a quitt\u00e9 le groupe[38]<\/a> en d\u00e9cembre 2014 et Heinz Eigner, directeur financier, est \u00e9galement devenu PDG par int\u00e9rim. Pour Heinz Eigner, c'est un moment de gloire, l'occasion de devenir PDG.<\/p>\n\n\n\n

Sous la direction de Heinz Eigner, une restructuration de l'organisation du marketing, de l'approvisionnement et des ventes a eu lieu, certains cadres cl\u00e9s sont partis[39]<\/a>. D'autres, oppos\u00e9s \u00e0 la strat\u00e9gie consistant \u00e0 diminuer la part du chiffre d'affaires dans la production et \u00e0 abandonner (en alliance avec Trafigura) les plans visant \u00e0 n\u00e9gocier davantage de m\u00e9taux en interne en faveur d'accords avec des n\u00e9gociants en mati\u00e8res premi\u00e8res[40]<\/a>, sont \u00e9galement partis.<\/p>\n\n\n\n

Heinz Eigner, probablement avec Roman Matej[41]<\/a>, contr\u00f4leur du groupe, le 13 mars 2015 compromet compl\u00e8tement l'affaire Talvivaara Zinc Concentrate, quelque 200 millions d'euros, apparemment sans l'approbation pr\u00e9alable du conseil d'administration, ce qui affaiblit une fois de plus le bilan de Nyrstar[42]<\/a>. Malgr\u00e9 le fait qu'Eigner ait n\u00e9goci\u00e9 un accord stipulant que Trafigura ne peut pas d\u00e9passer 49% de participation et, ind\u00e9pendamment de cela, ne peut pas avoir une majorit\u00e9 de ses repr\u00e9sentants \u00e9lus au conseil d'administration[43]<\/a>, la direction n'a aucune confiance dans le nouveau partenaire.<\/p>\n\n\n\n

En avril 2015, malgr\u00e9 les protestations v\u00e9h\u00e9mentes du Noble Group, deux candidats, Christopher Cox (membre du conseil d'administration du groupe Trafigura) et Martyn Konig, rejoignent le conseil d'administration de Nyrstar. Martyn Konig est \u00e9lu par Trafigura en tant que directeur ind\u00e9pendant, malgr\u00e9 une recommandation n\u00e9gative du conseil d'administration en place \u00e0 l'\u00e9poque, et malgr\u00e9 des liens clairs et \u00e9vidents avec Trafigura, notamment en tant que directeur des investissements de T-Wealth Management, un v\u00e9hicule d'investissement priv\u00e9 pour les partenaires et les cadres sup\u00e9rieurs du groupe Trafigura, qui est mentionn\u00e9 dans son CV comme sa principale occupation. Komig devient l'homme fort de Nyrstar[44]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 ses efforts, Heinz Eigner est remplac\u00e9 comme PDG par int\u00e9rim en ao\u00fbt 2015[45]<\/a> et relev\u00e9 de ses fonctions de directeur financier[46]<\/a> lorsque Chris Eger, un directeur des fusions et acquisitions chez Trafigura en Suisse, devient le nouveau directeur financier le 20 novembre 2015[47]<\/a>. Il quitte Nyrstar peu de temps apr\u00e8s.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Le bureau<\/sub> r\u00e9gional de Trafigura \u00e0 Gen\u00e8ve<\/sub><\/strong>[48]<\/strong><\/sub><\/a><\/p>\n\n\n\n

En avril 2016, un troisi\u00e8me candidat de Trafigura, Jesus Fernandez, responsable de Trafigura M&A, a \u00e9t\u00e9 ajout\u00e9 au conseil d'administration et Martyn Konig en est devenu le pr\u00e9sident, ce qui a conduit \u00e0 un contr\u00f4le de facto du conseil par Trafigura, 3 des 6 membres du conseil \u00e9tant des cadres cl\u00e9s du groupe Trafigura ou de soci\u00e9t\u00e9s li\u00e9es \u00e0 Trafigura, et Martyn Konig ayant une voix pr\u00e9pond\u00e9rante.<\/p>\n\n\n\n

Ce n'est pas la premi\u00e8re fois que Trafigura utilise cette strat\u00e9gie : Un an plus t\u00f4t, le groupe a pris une participation de 19,35 % dans le groupe chypriote EMED Mining Public[49]<\/a> qui, contraint de faire face \u00e0 la crise mondiale des mati\u00e8res premi\u00e8res, a accept\u00e9 un pr\u00eat de 30 millions de dollars (dont dix provenaient directement de Trafigura)[50]<\/a> et, en contrepartie, a permis \u00e0 Trafigura de nommer un nouveau pr\u00e9sident et un nouveau directeur g\u00e9n\u00e9ral - une nouvelle direction qui, en quelques mois, a d\u00e9mantel\u00e9 les actifs d'EMED[51]<\/a> et a finalement vendu ce qui restait presque gratuitement au groupe espagnol Atalaya, qui appartient \u00e0 la multinationale Rio Tinto[52]<\/a>.<\/p>\n\n\n\n

Forte des ajouts de Trafigura au conseil d'administration, de l'arriv\u00e9e de Chris Eger comme directeur financier de Trafigura M&A et de Bill Scotting embauch\u00e9 comme PDG pour restructurer les mines, Nyrstar a annonc\u00e9 en janvier 2016 avoir mis sous contrat des banquiers d'affaires, dont la t\u00e2che \u00e9tait de vendre les mines de la soci\u00e9t\u00e9[53]<\/a> afin de trouver les pr\u00e8s de 300 millions de dollars n\u00e9cessaires pour \u00e9viter une \u00e9ni\u00e8me catastrophe financi\u00e8re[54]<\/a>. Ainsi, Nyrstar, dont la strat\u00e9gie consistait \u00e0 s'int\u00e9grer verticalement en traitant son propre concentr\u00e9 de zinc, sera d\u00e9sormais oblig\u00e9e d'acheter du concentr\u00e9 de zinc \u00e0 Trafigura \u00e0 des conditions tr\u00e8s on\u00e9reuses.<\/p>\n\n\n\n

Cela peut sauver temporairement le bilan, mais compromet la capacit\u00e9 de Nyrstar \u00e0 se remettre de la crise lorsque les prix remonteront. \u00c0 la fin de 2016 et tout au long de 2017, les ventes de mines sont conclues \u00e0 des prix de vente tr\u00e8s bas, loin d'\u00eatre proches de ceux attendus. Les acheteurs \u00e9taient pour la plupart de petites entreprises fragiles et beaucoup d'entre elles ont ensuite \u00e9t\u00e9 confront\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res, voire \u00e0 la faillite, de sorte que le programme de cession n'a apport\u00e9 que des liquidit\u00e9s tr\u00e8s limit\u00e9es, tandis que Nyrstar a perdu la plupart des droits d'\u00e9coulement du concentr\u00e9 de zinc extrait.<\/p>\n\n\n\n

Les bijoux de famille sont vendus au prix du march\u00e9 aux puces. Il est int\u00e9ressant de noter que Bill Scotting part lors d'une r\u00e9union du conseil d'administration au moment o\u00f9 la vente des mines commence \u00e0 \u00eatre conclue, le 13 d\u00e9cembre 201645<\/sup>. Les mines Campo Morado (Mexique), Coricancha (P\u00e9rou), Cotonga (P\u00e9rou), El Mochito (Honduras) et El Toqui (Chili) sont vendues[55]<\/a>,[56]<\/a><\/sup>. Les mines Langlois (Canada) et Tennessee (USA) restent[57]<\/a>, tout comme Myra Falls[58]<\/a> (Canada) et Puccarajo[59]<\/a> (P\u00e9rou), qui n'\u00e9taient pas \u00e0 vendre ou n'ont pas trouv\u00e9 d'acheteur. Par exemple, El Mochito a \u00e9t\u00e9 vendu en septembre 2016 pour seulement 5 millions de dollars[60]<\/a>.<\/p>\n\n\n\n

Un an plus tard, la mine El Toqui a \u00e9t\u00e9 vendue pour 25 millions de dollars \u00e0 Laguna Gold Ltd[61]<\/a>. Nyrstar et Laguna ont conclu un accord similaire \u00e0 celui sign\u00e9 avec El Mochito : la mine a vendu 85% de sa production \u00e0 Nyrstar pendant quatre ans, \u00e0 un prix fixe[62]<\/a>. Coricancha a \u00e9t\u00e9 vendu en d\u00e9cembre 2016 pour seulement 100 000 dollars, plus une part du produit de la vente[63]<\/a>. La mine de Campo Morado a \u00e9t\u00e9 vendue en juin 2017 pour 20 millions de dollars[64]<\/a>, mais dans ce cas, la mine, en raison de probl\u00e8mes de s\u00e9curit\u00e9 li\u00e9s \u00e0 la guerre civile, est ferm\u00e9e depuis le printemps 2015[65]<\/a>. La derni\u00e8re mine, Contonga, a \u00e9t\u00e9 vendue \u00e0 Glencore en paiement de dettes d'environ 26 millions de dollars[66]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Les installations de la mine de Coricancha, au P\u00e9rou, ont \u00e9t\u00e9 vendues pour seulement 100 000 dollars, plus un compl\u00e9ment de prix hypoth\u00e9tique et une participation limit\u00e9e dans le temps au flux de tr\u00e9sorerie disponible, tandis que Nyrstar NV a conserv\u00e9 des dettes importantes<\/sub><\/strong>[67]<\/strong><\/sub><\/a><\/p>\n\n\n\n

D\u00e9tail important : parmi les mines restantes, le groupe Trafigura a achet\u00e9, d\u00e9but 2020, 100 % de Myra Falls, Langlois (Breakwater Resources) et Nyrstar (Holdings) Canada \u00e0 Newco NN2, cr\u00e9\u00e9e au Royaume-Uni pour siphonner les actifs op\u00e9rationnels de Nyrstar NV[68]<\/a>.<\/p>\n\n\n\n

Pour Nyrstar, dont 20,02% appartiennent \u00e0 Trafigura en septembre et 23,72% en d\u00e9cembre 2015, ce qui rend le groupe suisse suffisamment fort pour influencer les d\u00e9cisions[69]<\/a>, l'heure d\u00e9cisive sonne. Les analystes estiment que Bruxelles devrait v\u00e9rifier si Trafigura a pris le contr\u00f4le de facto de la soci\u00e9t\u00e9[70]<\/a>. En avril 2015, la direction annonce que Nyrstar ne sera pas en mesure de produire 280 \u00e0 310 000 tonnes de concentr\u00e9 de zinc comme pr\u00e9vu, mais tout au plus 260 000 tonnes, en raison de la fermeture des mines de Myra Falls au Canada et de Campo Morando au Mexique[71]<\/a>.<\/p>\n\n\n\n

Pour l'ann\u00e9e 2015, Nyrstar annonce que l'EBITDA du groupe est en hausse de 8%, pourtant une d\u00e9pr\u00e9ciation de 564 M\u20ac, principalement due aux activit\u00e9s du segment minier, conduit \u00e0 une perte nette de 432 M\u20ac, ce qui renforce les arguments de la direction de Trafigura[72]<\/a>: Nyrstar a d\u00e9sormais 761 M\u20ac de dette nette, principalement en raison des d\u00e9penses d'investissement dans le segment du traitement des m\u00e9taux pour le programme de croissance et de renouvellement, ainsi que des mauvaises performances du segment minier. Il y a une tentative en d\u00e9cembre 2015 pour une nouvelle \u00e9mission d'actions qui \u00e9choue, Nyrstar reprogramme sa nouvelle \u00e9mission d'actions pour 275 millions, dont Trafigura promet d'acheter 125 millions[73]<\/a>.<\/p>\n\n\n\n

En novembre 2015, Nyrstar est press\u00e9 et signe un accord relationnel avec Trafigura, et des contrats commerciaux dont un contrat d'achat de 500 000 tonnes de concentr\u00e9 de zinc par an \u00e0 Trafigura - environ 25% des besoins de Nyrstar[74]<\/a>. Les conditions sont tr\u00e8s d\u00e9favorables \u00e0 Nyrstar. En outre, il existe un accord de vente de zinc m\u00e9tal raffin\u00e9 \u00e0 Trafigura. Il existe \u00e9galement des contrats couvrant les besoins et la production de plomb de Nyrstar[75]<\/a>.<\/p>\n\n\n\n

En f\u00e9vrier 2016, Noble et Nyrstar ont mis fin pr\u00e9matur\u00e9ment \u00e0 leur contrat[76]<\/a>, donnant \u00e0 Trafigura l'occasion d'\u00e9tendre encore ses griffes[77]<\/a>. Parall\u00e8lement, Trafigura a obtenu des droits suppl\u00e9mentaires de trois ans pour l'achat de zinc m\u00e9tal (en plus de celui encore vendu \u00e0 Glencore) par le biais d'un accord de paiement initial de 150 millions de dollars[78]<\/a>.<\/p>\n\n\n\n

Bill Scotting, le nouveau PDG de Nyrstar, qui remplace le PDG par int\u00e9rim Heinz Eigner, c\u00e9l\u00e8bre les contrats commerciaux avec Trafigura comme s'il s'agissait d'une victoire : \"ils soutiennent parfaitement notre strat\u00e9gie: sortir des mines, se concentrer sur le traitement des m\u00e9taux et restructurer le bilan\"[79]<\/a>. Pour Julien de Wilde, le pr\u00e9sident belge du conseil d'administration qui part, contraint par Trafigura, d\u00e9but 2016, les propos de Scotting sont une farce tragique. La v\u00e9rit\u00e9 est autre : les taux de traitement du zinc pr\u00e9vus dans le contrat de Trafigura sont bien inf\u00e9rieurs \u00e0 la r\u00e9f\u00e9rence du secteur69<\/sup>; le taux de traitement moyen (frais de traitement) du concentr\u00e9 de zinc convenu pour 2018 avec Trafigura n'est que de 37 dollars par tonne m\u00e9trique[80]<\/a>.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Une vue panoramique des mines p\u00e9ruviennes de Chinchan, Cotonga et Huallanca<\/sub><\/strong>[81]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce chiffre est inf\u00e9rieur de 75 % \u00e0 la r\u00e9f\u00e9rence du secteur pour 2018 (147 dollars par tonne), repr\u00e9sente la moiti\u00e9 de ce que Trafigura a vers\u00e9 \u00e0 Nyrstar en 2017 et n'a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9 au public que le 27 septembre 2019, alors que la restructuration \u00e9tait d\u00e9sormais achev\u00e9e et que les actifs de la soci\u00e9t\u00e9 avaient \u00e9t\u00e9 transf\u00e9r\u00e9s \u00e0 la soci\u00e9t\u00e9 britannique NN2 Newco, cr\u00e9\u00e9e par Trafigura \u00e0 cette fin. Ce contrat confidentiel n'appara\u00eet m\u00eame pas au bilan : Trafigura a commenc\u00e9 \u00e0 d\u00e9sosser la proie.<\/p>\n\n\n\n

En juillet 2017, Nyrstar et Glencore s'accordent sur un nouveau contrat, qui devrait entrer en vigueur en janvier 2019 - en raison de la pression de l'UE, celui-ci ne pr\u00e9voit que les usines am\u00e9ricaines et tasmaniennes[82]<\/a>. Mais ce n'est pas grave: l'accord repr\u00e9sente 3 % de la production mondiale de zinc[83]<\/a>. Un accord d'\u00e9change de zinc contre du plomb entre les deux multinationales s'ajoute \u00e0 l'ancien accord[84]<\/a>.<\/p>\n\n\n\n

Malgr\u00e9 le programme discutable de cession partielle de mines men\u00e9 depuis fin 2016 et les remises substantielles accord\u00e9es \u00e0 Trafigura dans le cadre de contrats commerciaux, les conditions du march\u00e9 se sont am\u00e9lior\u00e9es au d\u00e9but de 2018 et la soci\u00e9t\u00e9 a de nouveau \u00e9t\u00e9 confront\u00e9e \u00e0 un avenir prosp\u00e8re, comme l'ont reconnu plusieurs analystes financiers. Cependant, le 20 septembre 2018, la soci\u00e9t\u00e9 \u00e9met de mani\u00e8re inattendue un avertissement sur les b\u00e9n\u00e9fices trompeur et inutile bas\u00e9 sur \"un examen pr\u00e9liminaire du projet d'informations financi\u00e8res de gestion non audit\u00e9es de la soci\u00e9t\u00e9 indique\"[85]<\/a> ce qui a provoqu\u00e9 la panique sur le march\u00e9 et l'effondrement du cours de l'action. Un pr\u00e9texte id\u00e9al pour lancer un processus de r\u00e9vision du capital qui conduit in\u00e9vitablement, \u00e0 chaque fois, \u00e0 une restructuration.<\/p>\n\n\n\n

En octobre 2018, Nyrstar lance une r\u00e9vision de la structure du capital avec les conseils de Morgan Stanley - les raisons officielles : \" la r\u00e9duction des prix du zinc, les frais de traitement historiquement bas et la hausse des prix de l'\u00e9nergie \"[86]<\/a>. La faiblesse de la production et les co\u00fbts d'exploitation \u00e9lev\u00e9s des mines de Langlois et Middle Tennessee p\u00e8sent, les revenus miniers globaux (99 M\u20ac) continuent de baisser en raison des cessions: une baisse de 52% par rapport \u00e0 2017[87]<\/a>.<\/p>\n\n\n\n

Nyrstar avait des options, Trafigura a cal\u00e9. Lors d'une conf\u00e9rence t\u00e9l\u00e9phonique avec les investisseurs en octobre 2018, les analystes financiers ont demand\u00e9 \u00e0 la direction pourquoi elle ne tirait pas sur la facilit\u00e9 de fonds de roulement de 250 millions d'euros de Trafigura[88]<\/a>, qui \u00e9tait engag\u00e9e, avant la fin de l'ann\u00e9e suivante. Et pourquoi Trafigura a-t-elle continu\u00e9 \u00e0 temporiser ? Le 21 novembre 2018, le dilatoire de Trafigura est payant : \"Les origines du manque de liquidit\u00e9s de Nyrstar remontent au transfert des droits d'\u00e9coulement de l'ancien partenaire de Nyrstar, Glencore, au nouveau propri\u00e9taire de 24,6 % Trafigura\"[89]<\/a> explique Stijn Demeester, analyste des actions chez ING Bank. Ce manque de liquidit\u00e9s inflig\u00e9 par Trafigura met Nyrstar \u00e0 genoux.<\/p>\n\n\n\n

Le 6 d\u00e9cembre 2018, Trafigura se pr\u00e9sente comme le sauveur, offrant un \" paquet d'\u00e9conomies \" de 650 millions de dollars qui met essentiellement en gage tous les actifs de Nyrstar, y compris son joyau de la couronne, la fonderie australienne de Port Pirie, presque achev\u00e9e : un autre coup suicidaire pour l'ind\u00e9pendance de Nyrstar[90]<\/a>. Mais cette fois, tout le monde est en col\u00e8re: l'effet imm\u00e9diat de cette op\u00e9ration est d'accro\u00eetre la puissance du g\u00e9ant suisse[91]<\/a>.<\/p>\n\n\n\n

L'implosion<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Le PDG de Nyrstar, Hilmar Rode (\u00e0 gauche), et le responsable de Trafigura T Wealth Management (pr\u00e9sident de Nyrstar), Martyn Konig<\/sub><\/strong>[92]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Ce que Nyrstar et son pr\u00e9sident, Martyn Konig, ne disent pas, c'est que tout cela se passe alors que le prix moyen du zinc par tonne a globalement augment\u00e9 : 2896 dollars en 2017, 2922 dollars en 2018, et la tendance pour les six prochains mois est positive[93]<\/a>. En outre, les frais de traitement du zinc augmentent rapidement, atteignant un sommet de 2,5 ans en octobre 2018[94]<\/a>.<\/p>\n\n\n\n

Dans une situation normale, cela apporte un rayon de soleil dans les comptes d'une entreprise - mais c'est le contraire qui se produit, et les voix de ceux qui craignent des activit\u00e9s illicites de la part des fid\u00e8les de Trafigura se font de plus en plus entendre[95]<\/a>. Apr\u00e8s tout, Martyn Konig se plaint de la baisse des frais de traitement, mais c'est sous sa pr\u00e9sidence que les conditions les plus on\u00e9reuses ont \u00e9t\u00e9 n\u00e9goci\u00e9es et accept\u00e9es, avec des amendements accordant \u00e0 Trafigura d'\u00e9normes r\u00e9ductions sur les frais de traitement, puis des prix outrageusement bas[96]<\/a>. Pourtant, malgr\u00e9 les preuves du contraire, Konig continue de r\u00e9p\u00e9ter le m\u00eame mensonge[97]<\/a>.<\/p>\n\n\n\n

Nous sommes apr\u00e8s l'implosion, les activit\u00e9s op\u00e9rationnelles de Nyrstar sont maintenant entre les mains d'une soci\u00e9t\u00e9 britannique nouvellement cr\u00e9\u00e9e, NN2 Newco : en septembre 2019, un petit groupe d'actionnaires demande une compensation de 1,48 milliard d'euros \u00e0 Trafigura (port\u00e9e \u00e0 2 milliards d'euros en d\u00e9cembre 2021) parce que la soci\u00e9t\u00e9 suisse, en violation de tous les accords, est arriv\u00e9e \u00e0 contr\u00f4ler 98% des activit\u00e9s op\u00e9rationnelles de Nyrstar[98]<\/a>. L'all\u00e9gation est claire: la majorit\u00e9 du conseil d'administration de Nyrstar et plusieurs cadres cl\u00e9s, fid\u00e8les \u00e0 Trafigura[99]<\/a>, ont permis que de l'argent et des actifs soient drain\u00e9s de la soci\u00e9t\u00e9 belge vers le Royaume-Uni au profit de 98 % du groupe Trafigura[100]<\/a>.<\/p>\n\n\n\n

Parall\u00e8lement, d'importants investissements de redressement ont \u00e9t\u00e9 r\u00e9alis\u00e9s \u00e0 Port Pirie pour en faire un site de production de classe mondiale, consid\u00e9r\u00e9 par beaucoup comme le joyau de la soci\u00e9t\u00e9, ce qui a accentu\u00e9 la pression sur le bilan. Lorsque les conditions macro\u00e9conomiques ont commenc\u00e9 \u00e0 s'am\u00e9liorer, et juste au moment o\u00f9 les investissements de redressement devaient commencer \u00e0 porter leurs fruits, la restructuration a abouti \u00e0 la reprise par Trafigura de 98 % des actifs d'exploitation de Nyrstar.<\/p>\n\n\n\n

La FSMA, l'autorit\u00e9 belge de r\u00e9gulation des march\u00e9s, s'est plainte que, selon les documents officiels, les actionnaires ne disposent pas de suffisamment d'informations pour approuver les comptes annuels 2018[101]<\/a>, car le cabinet d'audit[102]<\/a> a signal\u00e9 des irr\u00e9gularit\u00e9s[103]<\/a>. La FSMA se plaint d'un manque de transparence sur les mouvements d'actions et les n\u00e9gociations sur le nouvel accord[104]<\/a>. Nyrstar r\u00e9agit, formellement, mais ne fait rien[105]<\/a>. En cons\u00e9quence, en juillet 2019, Nyrstar perd ses entit\u00e9s op\u00e9rationnelles et 98% des actifs du groupe[106]<\/a> se retrouvent dans les griffes de Trafigura. En outre, avec un autre pr\u00eat de 13,5 millions d'euros garanti par les 2% restants de la nouvelle soci\u00e9t\u00e9 et soumis \u00e0 des restrictions strictes en mati\u00e8re de conformit\u00e9, Trafigura a effectivement le contr\u00f4le total du conseil d'administration[107]<\/a>.<\/p>\n\n\n\n

Les actionnaires minoritaires engagent une action en justice dans laquelle ils affirment que Trafigura a ill\u00e9galement utilis\u00e9 son influence pour n\u00e9gocier des contrats d\u00e9favorables \u00e0 Nyrstar[108]<\/a>, et que ces accords ont provoqu\u00e9 le d\u00e9sastre \u00e9conomique du groupe belge[109]<\/a>. La direction de Nyrstar et Trafigura se d\u00e9fendent, affirmant que sans la restructuration, la soci\u00e9t\u00e9 aurait fait faillite et les actionnaires auraient tout perdu[110]<\/a>. La bataille judiciaire se poursuit, la prochaine audience \u00e9tant pr\u00e9vue le 17 f\u00e9vrier 2022[111]<\/a>.<\/p>\n\n\n\n

Le coucou est pr\u00eat \u00e0 s'envoler<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Photo panoramique des centrales que Nala Renewables, la nouvelle soci\u00e9t\u00e9 du groupe Trafigura, a install\u00e9es \u00e0 la place des infrastructures de Nyrstar \u00e0 Belen<\/sub><\/strong>[112]<\/strong><\/sub><\/a><\/p>\n\n\n\n

Entre-temps, la nouvelle soci\u00e9t\u00e9 d'exploitation prend plusieurs mesures pour achever sa restructuration, accro\u00eetre sa rentabilit\u00e9 et polir sa r\u00e9putation sur le march\u00e9. En parall\u00e8le, Trafigura semble choisir des actifs cl\u00e9s, d'abord \" absorb\u00e9s \" en juillet 2019, puis, non satisfait du contr\u00f4le de 98 % des parts, prend le contr\u00f4le \u00e0 100 % de Myra Falls Ltd et de sa mine, de Breakwater Resources Ltd et de la mine Langlois, ainsi que de Nyrstar Canada (Holding) [113]<\/a>.<\/p>\n\n\n\n

En octobre 2021, il est r\u00e9v\u00e9l\u00e9 que la direction de Nyrstar a r\u00e9duit de 50 % la production de zinc dans trois fonderies europ\u00e9ennes (Budel-Dorplein aux Pays-Bas, Balen en Belgique et Auby en France)[114]<\/a>, ce qui a fait grimper le prix du zinc sur le march\u00e9. La combinaison des actifs physiques, du stockage des stocks et des activit\u00e9s commerciales conf\u00e8re \u00e0 Trafigura, et \u00e0 Glencore, un pouvoir enviable sur les march\u00e9s mondiaux des mati\u00e8res premi\u00e8res. Marc Rich, qui a tent\u00e9 d'accaparer le march\u00e9 du zinc en 1992, serait fier[115]<\/a>.<\/p>\n\n\n\n

En 2021, Trafigura affiche des b\u00e9n\u00e9fices records[116]<\/a> et sa premi\u00e8re participation dans une nouvelle soci\u00e9t\u00e9 holding bas\u00e9e \u00e0 Londres, Nala Renewables, qui investit 30 millions d'euros dans le d\u00e9veloppement de l'un des plus grands syst\u00e8mes de stockage d'\u00e9nergie par batterie (BESS) de Belgique sur le site de la fonderie de Balen, \u00e0 Nyrstar[117]<\/a>. Selon le plan d'affaires, pr\u00e9sent\u00e9 aux d\u00e9tenteurs d'obligations en f\u00e9vrier 2019, le nouveau Nyrstar g\u00e9n\u00e9rera des niveaux d'EBITDA sous-jacent sup\u00e9rieurs \u00e0 400 millions par an - dont 98%, malheureusement, profiteront \u00e0 Trafigura[118]<\/a>.<\/p>\n\n\n\n

Une op\u00e9ration de cynisme industriel, dont la l\u00e9galit\u00e9 est actuellement examin\u00e9e par les tribunaux, mais dont l'impressionnante valeur politique devrait \u00eatre abord\u00e9e par la Commission europ\u00e9enne et le gouvernement belge. L'ensemble du syst\u00e8me politique national est rest\u00e9 silencieux au cours des deux derni\u00e8res ann\u00e9es et demie sur ce qui s'est pass\u00e9 \u00e0 Nyrstar, exprimant seulement sa pr\u00e9occupation concernant les licenciements dans les usines sur le territoire belge.<\/p>\n\n\n\n

Nous ne comprenons pas pourquoi. Nyrstar est la deuxi\u00e8me plus grande fonderie de zinc au monde, active sur un march\u00e9 de valeur strat\u00e9gique, ainsi qu'un \u00e9l\u00e9ment important de l'histoire belge et un centre d'expertise et de comp\u00e9tences entrepreneuriales. Il suffit d'annuler l'impact des d\u00e9cisions prises par la direction de Nyrstar puisqu'elle \u00e9tait domin\u00e9e par des hommes fid\u00e8les \u00e0 Trafigura. Et que le g\u00e9ant suisse paie la facture, sinon il continuera \u00e0 agir comme il l'a fait jusqu'\u00e0 pr\u00e9sent - au m\u00e9pris de toutes les r\u00e8gles.<\/p>\n\n\n\n

Les actionnaires minoritaires de Nyrstar, qui ont engag\u00e9 une proc\u00e9dure contre la restructuration inutile et pr\u00e9judiciable de Nyrstar, demandent la nullit\u00e9 de l'accord de restructuration, le paiement de dommages-int\u00e9r\u00eats par Trafigura \u00e0 Nyrstar NV pour un montant d'environ 2 milliards d'euros, ainsi qu'une r\u00e9vision du cadre institutionnel belge pour la protection des actionnaires minoritaires afin d'emp\u00eacher des man\u0153uvres frauduleuses similaires \u00e0 l'avenir. Que la Force soit avec eux.<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a> Toni Ricciardi, \u201cMarcinelle, 1956<\/em>\u201d, Donzelli, Roma 2016; https:\/\/www.donzelli.it\/libro\/9788868435066<\/a><\/p>\n\n\n\n

[2]<\/a> https:\/\/www.cairn.info\/les-secrets-de-la-belgique--9782262043995-page-65.htm<\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/archives.africamuseum.be\/agents\/corporate_entities\/21<\/a><\/p>\n\n\n\n

[4]<\/a> https:\/\/search.arch.be\/de\/?option=com_rab_findingaids&view=findingaid&format=pdf&eadid=BE-A0545_006633_006537_FRE<\/a><\/p>\n\n\n\n

[5]<\/a> Crawford Young, Thomas Edwin Turner, \u201cThe rise and decline of the Zairian State<\/em>\u201d, University of Wisconsin Press, Madison WI 1985<\/p>\n\n\n\n

[6]<\/a> https:\/\/www.umicore.fr\/fr\/a-propos\/historique\/#puzzle3<\/a><\/p>\n\n\n\n

[7]<\/a> https:\/\/archive.wikiwix.com\/cache\/index2.php?url=https%3A%2F%2Fwww.lesechos.fr%2F24%2F04%2F2007%2FLesEchos%2F19905-169-ECH_umicore-et-zinifex-formalisent-leur-projet-de-coentreprise-dans-le-zinc.htm#federation=archive.wikiwix.com<\/a> ; https:\/\/archive.wikiwix.com\/cache\/index2.php?url=http%3A%2F%2Fwww.usinenouvelle.com%2Farticle%2Fnyrstar-naissance-officielle-du-numero-un-mondial-du-zinc.N20281#federation=archive.wikiwix.com<\/a><\/p>\n\n\n\n

[8]<\/a> https:\/\/www.nyrstar.com\/<\/a> ; https:\/\/www.nyrstar.com\/products\/other-metals<\/a><\/p>\n\n\n\n

[9]<\/a> https:\/\/www.nyrstar.com\/our-story<\/a> ; https:\/\/www.nyrstar.com\/operations\/processing<\/a><\/p>\n\n\n\n

[10]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/share-and-bondholder-information\/shareholder-structure<\/a><\/p>\n\n\n\n

[11]<\/a> https:\/\/sec.report\/CIK\/0001787012<\/a> ; https:\/\/lei.report\/LEI\/549300Q5QIA1RT7YQR81<\/a><\/p>\n\n\n\n

[12]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/share-and-bondholder-information\/Transparency%20declaration.pdf<\/a><\/p>\n\n\n\n

[13]<\/a> https:\/\/quanteus.com\/<\/a> ; https:\/\/www.linkedin.com\/in\/krisvansanten\/<\/a><\/p>\n\n\n\n

[14]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/kleine-aandeelhouders-nyrstar-bezitten-al-15-procent\/10356786.html<\/a> ; https:\/\/finance.yahoo.com\/news\/nyrstar-nv-publication-transparency-notification-160000371.html<\/a><\/p>\n\n\n\n

[15]<\/a> https:\/\/www.statista.com\/statistics\/240622\/leadig-zinc-smelters-worldwide\/<\/a><\/p>\n\n\n\n

[16]<\/a> https:\/\/www.thetimes.co.uk\/article\/minings-marriage-made-in-hell-gd93ms58ktv<\/a><\/p>\n\n\n\n

[17]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[18]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[19]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[20]<\/a> https:\/\/www.reuters.com\/article\/us-glencore-eu-nyrstar-idUSBRE8AL0G120121122<\/a><\/p>\n\n\n\n

[21]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[22]<\/a> https:\/\/www.lecho.be\/entreprises\/matieres-premieres\/glencore-sort-de-nyrstar-pour-3-39-euros-par-action\/9330367.html<\/a><\/p>\n\n\n\n

[23]<\/a> https:\/\/www.gva.be\/cnt\/eid160672<\/a><\/p>\n\n\n\n

[24]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[25]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-idUSLDE60O05W20100125<\/a><\/p>\n\n\n\n

[26]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2014\/nyrstar-annualreport13-en-30-april-2014.pdf<\/a> page 6<\/p>\n\n\n\n

[27]<\/a> https:\/\/www.reuters.com\/article\/nystar-talvivaara-idUSL5N0MT1S320140401<\/a><\/p>\n\n\n\n

[28]<\/a> https:\/\/yle.fi\/uutiset\/3-7314614<\/a> ; https:\/\/www.nature.com\/articles\/s41598-017-11421-8<\/a> ; https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0269749118330860<\/a> ; https:\/\/yle.fi\/news\/3-6073841<\/a> ; https:\/\/yle.fi\/news\/3-6077504<\/a><\/p>\n\n\n\n

[29]<\/a> https:\/\/www.miningweekly.com\/article\/nyrstar-announces-a52m-tasmania-smelter-spend-appoints-ceo-2015-07-14\/rep_id:3650<\/a><\/p>\n\n\n\n

[30]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a> ; https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[31]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[32]<\/a> https:\/\/www.reuters.com\/article\/us-nystar-noble-idUSBRE99006J20131001<\/a><\/p>\n\n\n\n

[33]<\/a> https:\/\/www.imago-images.de\/st\/0084420189<\/a><\/p>\n\n\n\n

[34]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2005-07-17\/the-rich-boys<\/a> ; https:\/\/www.afr.com\/politics\/the-rich-boys-20050730-jkj0z<\/a> ; https:\/\/www.bloomberg.com\/news\/articles\/2021-02-24\/former-glencore-director-says-he-flew-the-world-with-bag-of-cash<\/a> ; https:\/\/www.globalwitness.org\/en\/blog\/cool-runnings-commodity-traders-capital\/<\/a><\/p>\n\n\n\n

[35]<\/a> https:\/\/www.metalbulletin.com\/Article\/2073567\/Search-results\/Trafigura-lost-Nyrstar-deal-without-a-seat-at-negotiating-table.html<\/a><\/p>\n\n\n\n

[36]<\/a> https:\/\/ec.europa.eu\/competition\/mergers\/cases\/decisions\/m7779_1127_3.pdf<\/a><\/p>\n\n\n\n

[37]<\/a> https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p.3<\/p>\n\n\n\n

[38]<\/a> https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a> ; https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a> ; https:\/\/www.ft.com\/content\/d4d631a4-7582-11e4-b1bf-00144feabdc0<\/a><\/p>\n\n\n\n

[39]<\/a> https:\/\/www.fastmarkets.com\/insights\/milling-about-katsiouleris-out-as-nyrstar-merges-marketing-with-operations<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3632543\/Search-results\/METALS-PEOPLE---Florent-Schreiber-leaves-Nyrstar.html<\/a><\/p>\n\n\n\n

[40]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[41]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/nyrstar-30-june-2020-agm-minutes-english-v1.pdf<\/a><\/p>\n\n\n\n

[42]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ; https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> ;  https:\/\/www.globenewswire.com\/news-release\/2015\/03\/13\/1628791\/0\/en\/Nyrstar-Update-on-the-zinc-streaming-agreement-with-Talvivaara.html<\/a><\/p>\n\n\n\n

[43]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[44]<\/a> https:\/\/www.metalbulletin.com\/Article\/3444277\/Search-results\/Nyrstar-board-will-recommend-one-of-Trafiguras-nominees-as-agm-draws-closer.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3440537\/Search-results\/Trafigura-pushes-its-men-for-a-third-of-Nyrstars-board-seats.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3448216\/Search-results\/Trafigura-nominee-Konig-the-challenges-facing-Nyrstar.html<\/a><\/p>\n\n\n\n

[45]<\/a> https:\/\/www.globenewswire.com\/news-release\/2015\/07\/13\/1628836\/0\/en\/Nyrstar-Announces-New-CEO.html<\/a><\/p>\n\n\n\n

[46]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/written-questions-submitted-by-shareholders-for-nnv-agm-june-2019-en.pdf<\/a><\/p>\n\n\n\n

[47]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[48]<\/a> https:\/\/www.flickr.com\/photos\/trafigura_images\/20093462468<\/a><\/p>\n\n\n\n

[49]<\/a> https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a><\/p>\n\n\n\n

[50]<\/a> https:\/\/www.metalbulletin.com\/Article\/3413402\/Trafigura-Xiangguang-and-Orion-grant-30m-bridge-loan-to-Emed.html<\/a> ; https:\/\/www.proactiveinvestors.com\/companies\/news\/104840\/emed-minings-top-two-depart-as-trafigura-backs-us30mln-bridging-loan-59010.html<\/a> ; https:\/\/www.trafigura.com\/media\/1205\/2015_trafigura_interim_report_en.pdf<\/a> p. 17<\/p>\n\n\n\n

[51]<\/a> https:\/\/www.swissinfo.ch\/eng\/bloomberg\/nyrstar-explores-trading-house-deals-after-trafigura-lifts-stake\/41256752<\/a><\/p>\n\n\n\n

[52]<\/a> https:\/\/atalayamining.com\/about-us\/#milestones<\/a><\/p>\n\n\n\n

[53]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/trafigura-krijgt-nooit-controle-over-nyrstar\/9729353.html<\/a><\/p>\n\n\n\n

[54]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-ceo-idUSKBN1422CP<\/a><\/p>\n\n\n\n

[55]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p. 9, 10, 11<\/p>\n\n\n\n

[56]<\/a> https:\/\/otp.tools.investis.com\/clients\/fi\/nyrstar1\/omx\/omx-story.aspx?cid=250&newsid=61169&culture=en-US<\/a><\/p>\n\n\n\n

[57]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2015\/balance-sheet-strengthening-presentation-final.pdf<\/a> p.10<\/p>\n\n\n\n

[58]<\/a> https:\/\/miningdataonline.com\/property\/64\/Myra-Falls-Mine.aspx<\/a><\/p>\n\n\n\n

[59]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/shareholder-meetings\/english\/2020\/30-june\/written-questions-and-answers-en.pdf<\/a> p- 22<\/p>\n\n\n\n

[60]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/21\/899400\/0\/en\/Nyrstar-Completion-of-the-El-Mochito-mine-sale-for-a-total-cash-consideration-of-USD-0-5-million.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3587718\/Nyrstar-to-sell-El-Mochito-mine-to-Morumbi-Resources-enters-offtake-deal.html<\/a><\/p>\n\n\n\n

[61]<\/a> https:\/\/www.metalbulletin.com\/Article\/3598589\/Nyrstar-completes-sale-of-El-Toqui-zinc-lead-gold-mine-for-25m.html<\/a><\/p>\n\n\n\n

[62]<\/a> https:\/\/www.fasken.com\/en\/solution\/clientwork\/2016\/06\/nyrstar-nv-completes-sale-of-el-toqui-mine<\/a><\/p>\n\n\n\n

[63]<\/a> https:\/\/www.globenewswire.com\/news-release\/2016\/12\/20\/898991\/0\/en\/Nyrstar-Announces-Sale-of-Coricancha.html<\/a> ; https:\/\/www.metalbulletin.com\/Article\/3729723\/Nyrstar-completes-sale-of-Coricancha-mine-in-Peru.html<\/a><\/p>\n\n\n\n

[64]<\/a> https:\/\/www.miningmetalnews.com\/20190803\/241\/nyrstar-sale-its-campo-morado-mine-mexico-completed<\/a><\/p>\n\n\n\n

[65]<\/a> https:\/\/www.metalbulletin.com\/Article\/3725118\/Nyrstar-completes-sale-of-Campo-Morado-zinc-mine-for-20m.html<\/a><\/p>\n\n\n\n

[66]<\/a> https:\/\/www.mining-technology.com\/news\/newsnyrstar-announces-sale-of-contonga-mine-to-glencore-subsidiaries-5699288\/<\/a> ; https:\/\/www.miningmetalnews.com\/20190803\/459\/nyrstar-completed-sale-contonga-mine<\/a><\/p>\n\n\n\n

[67]<\/a> https:\/\/www.mining-technology.com\/news\/newsgreat-panther-to-buy-coricancha-mine-in-peru-from-nyrstar-5702993\/<\/a><\/p>\n\n\n\n

[68]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[69]<\/a> https:\/\/www.metalbulletin.com\/Article\/3485223\/Trafigura-increases-stake-in-Nyrstar-to-20.html<\/a><\/p>\n\n\n\n

[70]<\/a> https:\/\/www.ft.com\/content\/7d2025d6-8f72-11e5-a549-b89a1dfede9b<\/a><\/p>\n\n\n\n

[71]<\/a> https:\/\/www.metalbulletin.com\/Article\/3448891\/Search-results\/Nyrstar-cuts-zinc-production-outlook-for-2015.html<\/a><\/p>\n\n\n\n

[72]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globenewswire.com\/news-release\/2016\/02\/04\/1628896\/0\/en\/Nyrstar-2015-Full-Year-Results.html<\/a><\/p>\n\n\n\n

[73]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a> ; https:\/\/www.globalcapital.com\/article\/28my0k78z0rw5hpdgnlds\/equity\/troubled-nyrstar-misses-rights-issue-quorum-confident-for-january<\/a><\/p>\n\n\n\n

[74]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[75]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[76]<\/a> https:\/\/www.ft.com\/content\/b105452a-cb3b-11e5-a8ef-ea66e967dd44<\/a><\/p>\n\n\n\n

[77]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[78]<\/a> https:\/\/www.reuters.com\/article\/nyrstar-zinc-marketing-idUSL3N15K2L9<\/a><\/p>\n\n\n\n

[79]<\/a> https:\/\/www.businesstimes.com.sg\/companies-markets\/trafigura-scores-metals-deal-with-nyrstar-as-noble-contract-ends?close=true<\/a><\/p>\n\n\n\n

[80]<\/a> Nyrstar NV 2020 Annual Report revised September 27, 2019, page 100 of the marked copy version showing in red the revisions made<\/p>\n\n\n\n

[81]<\/a> https:\/\/www.tetratech.com\/pt\/projects\/minas-de-chinchan-contonga-e-huallanca-no-peru<\/a><\/p>\n\n\n\n

[82]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[83]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[84]<\/a> https:\/\/www.metalbulletin.com\/Article\/3772663\/EXCLUSIVE-Glencore-loses-out-to-Trafigura-worlds-biggest-zinc-deal-sliced-in-2019.html<\/a><\/p>\n\n\n\n

[85]<\/a> https:\/\/www.globenewswire.com\/news-release\/2018\/09\/20\/1573940\/0\/en\/Nyrstar-Adverse-market-conditions-to-impact-Nyrstar-s-Q3-2018-earnings.html<\/a><\/p>\n\n\n\n

[86]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[87]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[88]<\/a> https:\/\/seekingalpha.com\/article\/4215996-nyrstars-nyrsf-ceo-hilmar-rode-on-q3-2018-results-earnings-call-transcript<\/a><\/p>\n\n\n\n

[89]<\/a> https:\/\/www.metalbulletin.com\/Article\/3845289\/Trafigura-strengthens-grip-on-Nyrstars-Port-Pirie-with-liquidity-bridging-loan-deal.html<\/a><\/p>\n\n\n\n

[90]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.19<\/p>\n\n\n\n

[91]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[92]<\/a> https:\/\/www.tijd.be\/ondernemen\/grondstoffen\/top-nyrstar-liquiditeit-blijft-extreem-krap\/10139850.html<\/a> ; https:\/\/wallmine.com\/euronext\/nyr\/officer\/2026678\/martyn-konig<\/a><\/p>\n\n\n\n

[93]<\/a> Nyrstar\u2019s Shareholders\u2019 meeting, 25 Giugno 2019: https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a> p.11<\/p>\n\n\n\n

[94]<\/a> https:\/\/www.metalbulletin.com\/Article\/3836086\/Search-results\/EUROPEAN-MORNING-BRIEF-0310-LME-nickel-edges-up-rest-weaker-zinc-TCs-hit-25-year-high-global.html<\/a><\/p>\n\n\n\n

[95]<\/a> https:\/\/www.miningweekly.com\/article\/trafigura-accused-of-throttling-nyrstar-with-lopsided-zinc-deals-2019-09-09<\/a><\/p>\n\n\n\n

[96]<\/a> https:\/\/iceberg-research.com\/2019\/10\/08\/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura\/<\/a><\/p>\n\n\n\n

[97]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/shareholders-meeting.PDF<\/a><\/p>\n\n\n\n

[98]<\/a> https:\/\/www.reuters.com\/article\/us-nyrstar-trafigura-lawsuit\/nyrstar-shareholders-to-sue-commodities-trader-trafigura-for-1-6-billion-idUSKBN1WR04N<\/a><\/p>\n\n\n\n

[99]<\/a> https:\/\/www.globenewswire.com\/news-release\/2019\/02\/25\/1741194\/0\/en\/Nyrstar-announces-resignation-of-director.html<\/a><\/p>\n\n\n\n

[100]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a><\/p>\n\n\n\n

[101]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[102]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[103]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[104]<\/a> https:\/\/www.fsma.be\/en\/news\/warning-fsma-regarding-general-meeting-nyrstar<\/a><\/p>\n\n\n\n

[105]<\/a> https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[106]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[107]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2018-full-year-consolidated-financial-statements-en.pdf<\/a><\/p>\n\n\n\n

[108]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[109]<\/a> https:\/\/investingnews.com\/daily\/resource-investing\/base-metals-investing\/zinc-investing\/nyrstar-shareholders-lawsuit-against-trafigura\/<\/a> ; https:\/\/4d5df39e-28fc-4fec-aee6-e82b9e137219.filesusr.com\/ugd\/a6d8ea_c0d8b55f3d8e4d58bc121aa9ab6cfaa7.pdf<\/a><\/p>\n\n\n\n

[110]<\/a> https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/trending\/ywfv5tyr4kvu5rwf0zwx9q2<\/a><\/p>\n\n\n\n

[111]<\/a> https:\/\/www.nyrstar.be\/en\/investors\/restructuring\/summary-of-ongoing-proceedings<\/a><\/p>\n\n\n\n

[112]<\/a> https:\/\/worldbatterynews.com\/trafigura-joint-venture-nala-renewables-kickstarts-investments-with-battery-p609-165.htm<\/a><\/p>\n\n\n\n

[113]<\/a> Trafigura Group Pte Ltd 2020 Annual Report, pages 26, 103<\/p>\n\n\n\n

[114]<\/a> https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/metals\/101321-zinc-producer-nyrstar-cuts-output-by-up-to-50-at-three-european-smelters-on-energy-price-surge<\/a><\/p>\n\n\n\n

[115]<\/a> https:\/\/www.reuters.com\/article\/us-books-authors-ammann-idUKTRE61G25O20100217<\/a><\/p>\n\n\n\n

[116]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-publishes-2021-annual-results-showing-a-record-performance-with-the-company-well-positioned-for-future-growth<\/a><\/p>\n\n\n\n

[117]<\/a> https:\/\/www.nyrstar.com\/resource-center\/press-releases\/trafigura-announced-to-invest-up-to-30-million-euros-to-develop-a-battery-energy-storage-system-bess-at-nyrstars-balen-site-in-belgium<\/a><\/p>\n\n\n\n

[118]<\/a> https:\/\/www.nyrstar.be\/~\/media\/Files\/N\/Nyrstar-IR\/results-reports-and-presentations\/english\/2019\/2019-04-15-nyrstar-presentation.pdf<\/a><\/p>\n","post_title":"Nyrstar : l'agonie du g\u00e9ant dans les griffes de Trafigura","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nyrstar-lagonie-du-geant-dans-les-griffes-de-trafigura","to_ping":"","pinged":"","post_modified":"2025-02-02 08:35:37","post_modified_gmt":"2025-02-02 08:35:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/dctransparency.com\/?p=5978","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":6},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_3"};

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We love watching them eat their own.
Bonus: Ted Cruz slips up and admits America has her hand in the Israel\/Iran conflict. https:\/\/t.co\/2PT1Eo1Dty<\/a><\/p>— Lincoln Square (@LincolnSquareHQ) June 18, 2025<\/a><\/blockquote>

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Les d\u00e9clarations de Cruz et leurs cons\u00e9quences sur l\u2019implication am\u00e9ricaine au Moyen-Orient, ainsi que les d\u00e9fis auxquels sont confront\u00e9s les d\u00e9cideurs politiques en 2025, m\u00e9ritent une attention particuli\u00e8re.<\/p>\n\n\n\n

We love watching them eat their own.
Bonus: Ted Cruz slips up and admits America has her hand in the Israel\/Iran conflict. https:\/\/t.co\/2PT1Eo1Dty<\/a><\/p>— Lincoln Square (@LincolnSquareHQ) June 18, 2025<\/a><\/blockquote>

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Faits, d\u00e9clarations et tensions autour des propos de Cruz<\/h2>\n\n\n\n

Les d\u00e9clarations de Cruz et leurs cons\u00e9quences sur l\u2019implication am\u00e9ricaine au Moyen-Orient, ainsi que les d\u00e9fis auxquels sont confront\u00e9s les d\u00e9cideurs politiques en 2025, m\u00e9ritent une attention particuli\u00e8re.<\/p>\n\n\n\n

We love watching them eat their own.
Bonus: Ted Cruz slips up and admits America has her hand in the Israel\/Iran conflict. https:\/\/t.co\/2PT1Eo1Dty<\/a><\/p>— Lincoln Square (@LincolnSquareHQ) June 18, 2025<\/a><\/blockquote>

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Cette d\u00e9claration a fait la une des journaux en juin 2025, lorsque le s\u00e9nateur Ted Cruz a admis que les \u00c9tats-Unis soutenaient les actions militaires d\u2019Isra\u00ebl contre ce qui est aujourd\u2019hui qualifi\u00e9 de menace iranienne. Cette r\u00e9v\u00e9lation explicite, faite lors d\u2019une interview controvers\u00e9e avec l\u2019ancien animateur de Fox News Tucker Carlson, a d\u00e9clench\u00e9 une vive pol\u00e9mique sur le soutien am\u00e9ricain \u00e0 Isra\u00ebl en pleine guerre Isra\u00ebl-Iran. Le ton extr\u00eame de Cruz, combin\u00e9 \u00e0 une m\u00e9connaissance inqui\u00e9tante de l\u2019Iran, a mis en lumi\u00e8re les divisions internes au sein de l\u2019administration du pr\u00e9sident Donald Trump et soulev\u00e9 de s\u00e9rieuses questions sur les processus d\u00e9cisionnels am\u00e9ricains en mati\u00e8re de politique \u00e9trang\u00e8re.<\/p>\n\n\n\n

Faits, d\u00e9clarations et tensions autour des propos de Cruz<\/h2>\n\n\n\n

Les d\u00e9clarations de Cruz et leurs cons\u00e9quences sur l\u2019implication am\u00e9ricaine au Moyen-Orient, ainsi que les d\u00e9fis auxquels sont confront\u00e9s les d\u00e9cideurs politiques en 2025, m\u00e9ritent une attention particuli\u00e8re.<\/p>\n\n\n\n

We love watching them eat their own.
Bonus: Ted Cruz slips up and admits America has her hand in the Israel\/Iran conflict. https:\/\/t.co\/2PT1Eo1Dty<\/a><\/p>— Lincoln Square (@LincolnSquareHQ) June 18, 2025<\/a><\/blockquote>

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Analyse

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